Agriculture News
Soybean futures firmed overnight while the wheat market weakened. Corn was caught in the middle amid light, two-sided trade.
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Federal Reserve Bank of Chicago cites survey results from ag bankers.
Corn, soybeans and wheat tried to work higher early in the overnight session, but buyer interest was limited and light pressure ensued.
USDA raised its corn, soybean and cotton crop estimates, pushing up projected ending stocks. Wheat ending stocks also increased.
USDA increased corn yield to 174.9 bu. per acre, bringing production to 15.234 billion bu. Meanwhile, soybean yield was pegged at 49.9 bu., up 0.3 bu. from last month.
Corn sales during week ended Nov. 2 totaled 1.015 MMT for 2023-24, up 36% from the previous week and 4% from the four-week average.
Soybean futures failed to sustain followthrough buying overnight and have turned mostly weaker this morning. Corn and wheat traded lower throughout overnight trade.
Soybean basis improved but remains below average.
Soybean futures posted strong gains overnight on talk of big Chinese purchases, while corn and wheat followed to the upside.
Higher-than-expected corn and soybean yields in some Corn Belt locations, along with a modest rally in corn prices, contributed to this month’s rise in farmer sentiment.
Soybeans pulled back from recent strong gains amid corrective selling overnight, while corn and wheat also traded lower.
Both crops remain well above year-ago levels.
Weekly corn export inspections outpaced pre-report expectations by 135,000 MT, while wheat inspections missed by over 100,000 MT.
Short-term trend turns bullish for soybeans and lean hog futures.
Soybean futures posted strong gains overnight, which spilled over to corn, while wheat faced light selling pressure.
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Corn, soybeans and wheat held in relatively tight ranges while spending time on both side of unchanged during overnight trade.
Updated monthly and quarter price forecasts, including the initial outlook for the second quarter of 2024.