US Soybean and Corn Prices Surge on Lower Crop Ratings
The US soybean and corn markets are experiencing a surge in prices due to lower crop ratings from the USDA. The national crop rating for soybeans dipped over the past week, with harvest just around the corner. This has led to increased demand and technical buying, causing prices to rise.
The USDA's national corn rating fell 3%, and the trade is expecting a cut in yield in the next production update. Harvest is starting to get underway in parts of the Corn Belt, and the trade is watching yield results closely.
The soybean market was also affected by unknown buyers purchasing 132,000 tons of new crop US beans ahead of the open. This could potentially be China, which may face new US tariffs. However, President Xi's upcoming visit to Washington D.C. in late September may alleviate some concerns.