Corn and Beans Advance in the Overnight Session

Grains were higher overnight with corn advancing 2 cents while soybeans and wheat added 4 cents.

EXPORTERS SELL 167,370 METRIC TONS OF SOYBEANS FOR DELIVERY TO MEXICO DURING THE 2017/2018 MARKETING YEAR- USDA

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USDA’s report on Tuesday brought more bearish news to the grains. Corn yields were increased by 0.4 to 169.9 for a 14.14 bil bushel crop. Bean yields also increased by 0.5 to 49.9 for a 4.43 billion bushel crop.

New crop crush was unchanged but exports were increased 25 to 2.250 bil bu. The China buying has exploded over the last few weeks but remains very far behind the pace set over the last two years. The increased old and new crop usage offset the higher bean yields.

Price action saw the market sell-off after the USDA report, hitting lows within the first hour, but since then have managed to pull back higher with beans adding 20-cents.

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—Kevin McNew