Agriculture News
Large purchases from China during week ended Dec. 7 boosted wheat sales to 1.5 MMT during the week, a marketing-year high. China’s purchases totaled 1.12 MMT during the week.
Corn and soybean inspections during week ended Dec. 7 declined 464,719 MT and 188,847 MT, respectively, while wheat inspections rose nearly 95,000 MT.
Beans are expected open higher, wheat lower and corn near unchanged.
Soybeans traded higher amid corrective buying overnight, while corn and wheat favored the downside.
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USDA cut corn, wheat and cotton ending stocks, while leaving soybean carryover unchanged.
Global carryover for corn and soybeans each surpassed pre-report expectations by 1.8 MMT and 1.5 MMT, respectively, largely neutralizing the lower-than-expected U.S. corn carryover.
Corn, soybeans and wheat held in relatively tight trading ranges overnight ahead of USDA’s December crop reports later this morning.
Corn and soybeans are expected to open lower, with wheat likely to see a mildly varied start (winter wheat markets lower, spring wheat higher) to daytime trade.
Corn sales during week ended Nov. 30 totaled 1.3 MMT, while shipments reached a marketing-year high. Soymeal and soyoil shipments during the week also notched marketing-year highs.