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Corn futures ended the session higher following a surprise cut to ending stocks in USDA’s supply and demand data today, while soybeans and wheat extended recent selling efforts.
Report data triggered mild corrective buying in corn and soybean futures.
USDA pegged old-crop corn ending stocks at 1.877 billion bu., well below the average estimate of 2.049 billion bu. Soybean ending stocks were also short of average trade guesses, while 2024-25 wheat ending stocks were up notably amid higher production.
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Corn and wheat favored the downside overnight while soybeans saw action on both sides of unchanged.
U.S. dollar weakness, in the wake of a lower June CPI reading, spurred modest short-covering ahead of USDA’s supply and demand update on Friday.
Vilsack asked to review the approval