Grain Futures Decline Ahead of Volatile WASDE Report

Grain futures declined on Wednesday, ahead of the September WASDE report, as fund traders took profits after a recent rally.

Vince Boddicker with Farmers Trading Company noted that the market ignored flash export sales for corn and soybeans, instead opting to take some profits. He attributed this decision to the sizable rally in August and early September.

Some farmers were also putting options protection in place ahead of the WASDE report, which could be volatile.

The average trade guess for corn yield came in at 178.2 bu./acre, while StoneX estimated a yield of 182.9 bu./acre, both of which seemed bearish compared to what the market was already pricing in.