The corn CCI rating is now below the five-year average for the first time this year. The soybean and spring wheat ratings remain above average.
Corn futures traded lower throughout the overnight session, while soybeans and wheat rebounded from initial losses.
USDA's Cold Storage Report signaled demand is not keeping pace with supplies amid near-record retail prices.
Mounting recessionary concerns triggered heavy liquidation pressure in the grain and soy markets overnight.
But he acknowledged that a recession was 'certainly a possibility' given the global situation. Recessionary fears are building with economists.
Soybean basis continues its recent decline.
Powell addresses inflation and potential impacts on the economy
Wheat was supported by corrective buying overnight though futures are well off the highs this morning. Soybeans faced active followthrough selling, while corn was modestly lower.