Agriculture News
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.
USDA is expected to make minor adjustments to its U.S. crop estimates and balance sheets, though bigger changes are possible for global wheat production.
Corn, soybeans and wheat traded mildly lower overnight amid a pullback from last Friday’s gains.
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