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After the Bell | October 12, 2023 The grain and soy complexes rallied amid more bullish-than-expected data in USDA’s Production and Supply and Demand Reports.
USDA cut its corn, soybean and cotton crop estimates more than anticipated, which resulted in lower-than-expected 2023-24 ending stocks.
USDA’s October production and carryover figures were lower than pre-report estimates, though the most notable miss was the 4 MMT difference in new-crop global soybean carryover vs. expectations.
Is USDA’s CCC Charter Act going to be the creative ‘surprise’ in any new farm bill?
Corn and wheat traded in a tight range near unchanged overnight, while soybeans saw corrective gains. Trading is likely to remain largely positioning ahead of today’s USDA reports.
Corn, soybean and wheat futures were relatively quiet during the overnight session as traders await USDA’s October crop reports later this morning.