Grain Prices Tumble Overnight as Corn and Soybeans Face Breakdowns

Corn and soybean prices are facing pressure from overnight trade, according to Pro Farmer's Ahead of the Open report on September 15. Wheat is also lower, with winter wheat down 9-12 cents and HRS down 4-6 cents. The USDA reported a slight improvement in corn conditions last week, with 57% of the crop rated 'good' or 'excellent', up from 56%. Analysts had expected no change. Harvest was 8% complete, up from 5% the previous week and below average estimates. Pro Farmer's Crop Condition Index for corn saw a 0.5 point increase from last week.

USDA data also showed soybean conditions unchanged at 58%, with harvest 6% complete. This is in line with the five-year average of 3% for this time of year. The soybean CCI fell 0.66 points. Dr. Michael Cordonnier left his U.S. corn yield and soybean yield unchanged, but noted that the weather has been favorable for late pod filling.