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.
Short-term trend turns bullish for soybeans and lean hog futures.
Soybean futures posted strong gains overnight, which spilled over to corn, while wheat faced light selling pressure.
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Corn, soybeans and wheat held in relatively tight ranges while spending time on both side of unchanged during overnight trade.
Updated monthly and quarter price forecasts, including the initial outlook for the second quarter of 2024.
Weekly wheat sales, short of pre-report estimates, were down 24% from the previous week, while corn and soybeans were down 45% and 27%, respectively.
Soybeans traded sharply higher overnight, while corn and most wheat contracts posted milder gains.
Soybean basis weakened on the rollover to the January contract but the cash price firmed.
Fed Chair Jerome Powell left the door open for more rate hikes if needed, but noted ‘risk are now more two-side.’
Corn, soybeans and wheat held in relatively tight trading ranges during two-sided trade overnight.