Commodities
Futures Drop Overnight Ahead of USDA's WASDE Report
Soybean and grain futures dropped overnight ahead of the World Agricultural Supply and Demand Estimates (WASDE) report from USDA. The decline came after investors who had bet on higher prices booked profits yesterday, with soybeans closing almost 23¢ higher and corn up 6¢.
The biggest drops were seen in soybean futures for November delivery, which fell by 14 3/4¢ to $13.17 1/2 a bushel. Corn futures for December delivery dropped by 5 1/4¢ to $5.28 1/2 a bushel.
The WASDE report is expected to have little impact on soybean inventories, with stocks likely remaining unchanged or rising slightly if the government raises its yield estimate. However, corn yield may fall due to deteriorating crop conditions in recent weeks.