Trade tensions between the U.S. and China ratcheted higher after the Asian nation said it will follow through on plans to levy tariffs on a range of American farm goods including soybeans and corn.
USDA's World Agricultura Supply and Demand Estimates for November projects lower production and reduced exports for both corn and soybeans but corn should see smaller ending stocks.
USDA's World Agricultura Supply and Demand Estimates for September project higher production numbers for corn but soybean, which raised ending stocks for both.
The May 10 USDA reports had the potential to send the markets higher. The markets did go up, but that price jump vanished. The corn, soybean and wheat markets all closed lower for the week.
USDA's World Agricultura Supply and Demand Estimates for December are little changed from November's numbers but soybean ending stocks are projected at a record 955 million bushels.