Agriculture News
Weekly export inspections for week ended Nov. 10 showed soybean inspections missing expectations by over 142 MMT, with wheat also short nearly 24 MMT. Corn inspections were notable at 484 MMT, near top end expectations.
Weekly export sales for week ended Nov. 3 proved corn export sales remain week, missing low-end expectations by nearly 35 MT, while soybeans, wheat fell on the low-end of the range for the week.
Corn and soybean futures are lower and near their session lows this morning after two-side trade overnight. Wheat futures are mixed.
Soybean basis rises sharply as export demand picks up.
Wheat futures had the sharpest price reaction to the data. Soybeans initially traded lower but quickly bounced back.
USDA’s Nov. WASDE and production updates yielded increases in corn and bean production; however, corn carryout fell short of expectations while soybean carryout was pegged 8 million bu. higher than the average estimate.
Corn, soybeans and wheat swung to both sides of unchanged in a lightly traded overnight session but are mostly weaker this morning.
Corn, soybeans and wheat favored the downside in quiet, two-sided trade overnight, though seller interest has picked up early this morning with futures trading near session lows.
Most of the modest improvement was in SRW CCI ratings.
Following are USDA’s initial assumptions for 2023-24.
Weekly export inspections for week ended Nov. 3 revealed soybean inspections notably above the top-end estimate of 2.5 MMT, while corn and wheat each fell short of low-end expectations for the week.