Agriculture News
Corn and wheat mildly favored the downside, while soybeans traded mostly higher in quiet, two-sided price action overnight.
Iowa has entered the legal fray by challenging a recently enacted Massachusetts law that prohibits the sale of pork not meeting specific hog-confinement standards, according to the Iowa Capital Dispatch.
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Weekly wheat sales reached a marketing-year high in week-ended Oct. 5, while soybean sales rose 31% on the week and were up 68% from the four-week average.
Corn, soybean and wheat futures are mildly firmer and near their overnight highs this morning as tensions in the Middle East intensify.
USDA cut its corn, soybean and cotton crop estimates more than anticipated, which resulted in lower-than-expected 2023-24 ending stocks.
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, soybean and wheat futures were relatively quiet during the overnight session as traders await USDA’s October crop reports later this morning.
Basis firmed for both corn and soybeans over the past week.
