Beef exports to China are up more than 700% this year, while pork shipments are down 37%.
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Corn and wheat futures are posting mild corrective gains early this morning.
USDA says 43% of U.S. winter wheat areas are experiencing drought conditions, unchanged from the previous week.
Soybean sales totaled nearly 1.9 MMT, while corn sales topped 1.2 MMT.
As was widely expected, the Federal Reserve will begin dialing back its asset purchases by $15 billion per month, starting later in November.
Corn and wheat futures halted their corrective pullbacks from the two previous days overnight, but soybeans extended Wednesday’s declines.
Soybean basis firmed despite the rollover to the January contract, which is around 13 cents above November.
Soybeans were also slightly lower overnight, pulling back from Tuesday’s gains.
Spring wheat futures led gains in the grain and soy complex overnight.

Brian Grete