Agriculture News
Soybean export inspections during week ended Oct. 12 rose over 600,000 MT from the previous week, notably exceeding pre-report estimates. Meanwhile, corn inspections fell short of the expected range.
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.
Uncertainties included difficulties estimating the state of financial markets, potential oil price shocks and the impact of labor union strikes on the economy, among other factors.
Corn, soybeans and wheat held in tight trading ranges during a quiet two-sided overnight session.
USDA reported weekly soybean inspections of 1.04 MMT, notably above the pre-report range.
Corn and soybeans extended Monday’s losses during overnight trade, while wheat more than wiped out yesterday’s gains.
Corn, soybeans and wheat firmed overnight on support from crude oil as it responded to a major geopolitical shock over the weekend when Hamas raided Israel.