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'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.
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.