USDA crop data triggered broad selling across grain markets, with soybeans suffering a bearish key reversal and wheat hitting three-week lows as traders digest supply estimates.
USDA raised production and carryover above expectations, triggering a bearish key reversal and heavy long liquidation.
USDA cut production and yield but new-crop carryover exceeded trade estimates, leaving futures mixed and failing to ignite bullish momentum.
Unchanged carryover and profit-taking led to technically bearish weekly low closes, with cautious trade amid peace talk rumors.
Grain markets faced selling pressure Friday following the latest USDA WASDE report, which lacked the bullish catalysts traders anticipated. Soybean futures led the decline with a bearish key reversal, while corn and wheat prices retreated amid profit-taking and technical liquidation.
Soybeans faced heavy profit-taking and long liquidation because the USDA increased production estimates and left carryover levels higher than what the trade had anticipated.
Wheat prices are under pressure from technical selling and profit-taking, with traders remaining cautious due to rumors of potential peace talks and an unchanged supply-demand balance sheet.