Agriculture News
Corn, soybeans and wheat posted two-sided price action while holding in relatively tight trading ranges overnight.
Soybeans are expected to open firmer, with wheat and corn likely to face pressure.
Corn faced followthrough selling overnight, while wheat more than erased Monday’s modest gains. Soybeans posted two-sided trade.
USDA reported wheat inspections of 168,868 MT during week ended Oct. 19, which were down 187,000 MT from last week and below pre-report estimates.
Soybeans and corn are under pressure to open the week, while wheat is firmer.
Short-term trends turn bullish for corn and soymeal.
Corn and soybeans are expected to open lower, with wheat likely to be mixed.
Soybeans led overnight losses, while corn and the winter wheat markets faced lighter selling.
USDA showed Oct. 1 Cattle on Feed in large (1,000+ head) feedlots population up 0.6% above year-ago, easily topping industry expectations.
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Corn and wheat futures firmed amid mild followthrough buying overnight, while soybeans pulled back a little.
Monthly survey finds most negative attitude since May 2020.
The 90-day forecast from the National Weather Service signals increased chances of above-normal precipitation across the eastern half of Kansas, along with most of Texas and Oklahoma through January.
USDA reported weekly soybean sales of 1.372 MMT during week ended Oct. 12, up 30% from the previous week and 92% from the four-week average. Corn and wheat sales were steady on the week.
Corn and wheat mildly favored the downside, while soybeans traded mostly higher in quiet, two-sided price action overnight.
Corn and soybean basis now just slightly weaker than average.
China’s economy grew 4.9% year on year in third quarter, beating estimates
Soybeans posted followthrough buying overnight, while corn and wheat rebounded from losses earlier this week.
Corn, soybean and wheat futures again held in tight trading ranges during the overnight session.