Agriculture News
Corn sales during week ended Nov. 2 totaled 1.015 MMT for 2023-24, up 36% from the previous week and 4% from the four-week average.
Soybean futures failed to sustain followthrough buying overnight and have turned mostly weaker this morning. Corn and wheat traded lower throughout overnight trade.
Soybean basis improved but remains below average.
Soybean futures posted strong gains overnight on talk of big Chinese purchases, while corn and wheat followed to the upside.
Higher-than-expected corn and soybean yields in some Corn Belt locations, along with a modest rally in corn prices, contributed to this month’s rise in farmer sentiment.
Soybeans pulled back from recent strong gains amid corrective selling overnight, while corn and wheat also traded lower.
Both crops remain well above year-ago levels.
Weekly corn export inspections outpaced pre-report expectations by 135,000 MT, while wheat inspections missed by over 100,000 MT.
Short-term trend turns bullish for soybeans and lean hog futures.