Commodities
US Agricultural Market Declines Ahead of WASDE Update
The US agricultural market is experiencing a decline in soybeans, corn, and wheat prices ahead of the WASDE update on Wednesday. Soybean prices were lower due to fund and technical selling, despite China's purchase of 136,000 tons of new crop U.S. soybeans.
The USDA's national good-to-excellent rating for soybeans dipped by 1%, but development is still ahead of average with generally seasonal weather. The trade will continue to monitor August weather closely.
Corn prices were also lower on fund and technical selling, with the US good-to-excellent rating holding steady over the past week. The USDA's update on Wednesday will include updated FSA acreage data, which traders will be watching closely along with yield and planted area estimates.