News
USDA cut its corn, soybean and cotton crop estimates more than anticipated, which resulted in lower-than-expected 2023-24 ending stocks.
USDA’s October production and carryover figures were lower than pre-report estimates, though the most notable miss was the 4 MMT difference in new-crop global soybean carryover vs. expectations.
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Corn and wheat traded in a tight range near unchanged overnight, while soybeans saw corrective gains. Trading is likely to remain largely positioning ahead of today’s USDA reports.
Corn, soybean and wheat futures were relatively quiet during the overnight session as traders await USDA’s October crop reports later this morning.
Basis firmed for both corn and soybeans over the past week.
Uncertainties included difficulties estimating the state of financial markets, potential oil price shocks and the impact of labor union strikes on the economy, among other factors.
After the Bell | October 11, 2023 Corn futures grabbed mild gains despite a general risk-off tone amid increasing geopolitical uncertainty.
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