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Mexico again says no to GMO corn | Midterm election update | Russia decoy?
Corn and soybean futures are lower and near their session lows this morning after two-side trade overnight. Wheat futures are mixed.
Soybean basis rises sharply as export demand picks up.
Corn futures drop to two-month low after USDA boosts crop estimates; wheat also hits two-month low, soybeans firmer.
Wheat futures had the sharpest price reaction to the data. Soybeans initially traded lower but quickly bounced back.
USDA’s Nov. WASDE and production updates yielded increases in corn and bean production; however, corn carryout fell short of expectations while soybean carryout was pegged 8 million bu. higher than the average estimate.