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On average, analysts expected a modest decline in corn yield from September, though USDA increased the figure 0.2 bu., with production now estimated at 15.203 billion bu. Soybean production was pegged at 4.582 billion bu., using a yield of 53.1 bu. per acre.
Winter wheat markets traded moderately higher overnight, while corn and spring wheat posted mild gains. Soybeans pivoted around unchanged overnight.
Corn and soybean basis declined as harvest remained rapid.
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Wheat led strength overnight, with corn and beans recovering a portion of yesterday’s losses.
Wheat futures extended Tuesday’s gains overnight, while the corn and soybean markets rebounded from their losses.
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Soybeans led weakness overnight with corn and wheat following to the downside. The key will be if strength returns after the open, which has been the recent norm.