Agriculture News
USDA cut the soybean yield by 1.4 bu. per acre to 51.7 bu. per acre, while ending stocks were pegged at 470 million bu. Both were well below average pre-report estimates. Meanwhile, both corn yield and ending stocks were below average estimates.
SRW improvement was led by top producer Illinois.
Soybean inspections during the week ended Oct. 31, led the decline, falling 469,793 MT, while wheat inspections fell 101,134 MT and missed pre-report expectations.
Corn and soybeans are moderately higher with wheat futures working to follow higher. Cattle and hog futures are lower to start the week…
Short-term trend turns bullish for oats and soyoil.
Soybeans posted double-digit gains overnight while corn followed to the upside. Wheat is narrowly mixed this morning after gains earlier during overnight trade.
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Soybeans extended corrective gains from the two previous days during overnight trade while corn and wheat also firmed.
Rains across the central U.S. this week should help but more will be needed.
Corn sales during the week ended Oct. 24 declined 35% from the previous week to 2.34 MMT, while wheat sales dropped 23%. Meanwhile, soybean sales rose modestly on the week to 2.27 MMT.