The August World Agricultural Supply and Demand Estimates (WASDE) and crop production reports from the USDA turned out to be bearish, despite what many producers where hoping.
Domestic carryover in new crop corn was trimmed slightly to 2.273 billion bushels from the July estimate, while old crop corn was untouched.
New crop soybean ending stocks pushed higher to 475 million bushels. Old crop dipped to 370 million bushels.
These reports are sending negative signals across commodity markets.
Watch reaction from Pro Farmer editor Brian Grete on AgDay above.