Grain Market Selloff Continues After USDA Reports
The grain market finished lower on Friday, with soybeans and wheat taking the biggest hits. The USDA's September Crop Production and WASDE reports were released earlier in the day, leading to a sell-off in these commodities.
Corn was also lower, but its losses were relatively modest compared to soybeans and wheat. December corn finished at $5.30¼, down 3½ cents from Thursday's close, while March lost 3¾ cents to $5.45½.
The USDA lowered its national corn yield estimate from 180.7 to 178.5 bushels per acre, which was in line with traders' expectations. However, this did not lead to sustained buying in the market.
Soybeans saw much heavier selling, with November beans dropping 35¾ cents to $12.96½ and giving back Thursday's entire rally and more. January beans were also down 35¾ cents at $13.12.
The wheat market was sharply lower as well, with December Chicago wheat dropping 16 cents to $7.25¼ and December Kansas City wheat losing 20¼ cents to $7.98½.