Markets had an initial negative reaction to USDA’s September crop reports, as it unexpectedly increased the corn and soybean crop estimates. But soybeans led a recovery from the post-report lows and posted slight gains for the week. While there’s some skepticism toward USDA’s September crop estimates, a needed pickup in soybean export demand and weather concerns in South America (too dry in central Brazil and too wet in Argentina) fueled the corrective rebound. Corn worked off its post-report lows, but still posted slight losses for the week. Winter wheat futures worked higher, while the spring wheat market extended its price drop.
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