News
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.
Farm bill extension now seen as very likely
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.
Lack of clarity on tariff removal timelines impedes U.S./EU steel trade accord
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 saw followthrough buying overnight but saw some profit-taking into the break, soybeans faced mild corrective selling and wheat saw followthrough buying.
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.
After the Bell | October 19, 2023 The rally in soymeal continued and led soybeans higher into the close, while nearby corn closed above $5.00 for the first time since early August.
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