Agriculture News
Corn posted mild gains overnight, soybeans faced price pressure for most of the session and wheat pivoted around unchanged.
Corn sales during the week ended Oct. 31 totaled 2.77 MMT, according to USDA, which rose 18% from the previous week and four-week average. Net sales notably outpaced analysts’ expectations. Weekly soybean sales were reported at 2.04 MMT.
Corn, soybeans and SRW wheat built on Wednesday’s late price strength during the overnight session while HRW and HRS wheat rebounded from losses.
Corn and soybean basis firmed to be virtually in line with the three-year averages.
Soybean futures faced heavy selling overnight, while corn and wheat also traded lower in reaction to the U.S. election results.
The Purdue University/CME Group Ag Economy Barometer index climbed to a reading of 115 in October, up 27 points (19.3%) from September and five points (4.5%) above year-ago.
Corn, soybeans and wheat pivoted around unchanged while holding in tight trading ranges overnight but have adopted mildly firmer tones this morning.
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.