Corn and soybean futures rally on USDA report, with corn up 10 1/4 cents and soybeans up 12 3/4 cents. USDA projects U.S. corn production at 16.814 billion bushels and soybean production at 4.301 billion bushels. Trade deals could boost global demand for U.S. corn and soybeans. Weather forecasts show favorable conditions for crop maturation and harvesting.

Grain traders show “sell the rumor, buy the fact” scenario as corn and soybeans rally despite USDA’s bumper crop projections. Key for corn and soybean bulls is follow-through buying to suggest seasonal market bottoms. Harvest pressure may limit price uptrends, but corn market bulls show resilience. Soybean market may follow.

December wheat futures gain, mirroring corn and soybean market rallies. USDA cuts U.S. wheat estimated 2025-26 carryover by 25 million bushels, with no changes on the supply side. Wheat sales abroad need to improve significantly to boost markets. Wheat bulls hope for new trade deals to include more U.S. wheat purchases.

Read more at Yahoo Finance: Corn, Soybean Markets See ‘Sell the Rumor, Buy the Fact’ on USDA Data