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USDA cut the soybean crop estimate and ending stocks more than expected.
USDA cut the soybean yield by 1.4 bu. per acre to 51.7 bu. per acre, while ending stocks were pegged at 470 million bu. Both were well below average pre-report estimates. Meanwhile, both corn yield and ending stocks were below average estimates.
Corn saw relative strength overnight as soybeans and wheat favored the downside.
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Corn futures have firmed after light, two-sided trade overnight, while the soybean and wheat markets faced pressure for most of the session.
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Soybeans led strength overnight while corn and soybeans saw action on either side of 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.
Corn, soybeans and wheat each favored the downside overnight, with soybeans leading the way lower as a Trump victory has traders cautious about longer-term impacts to trade.
Soybean futures faced heavy selling overnight, while corn and wheat also traded lower in reaction to the U.S. election results.
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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 near unchanged most of the overnight session though saw an increase in buying pressure late in the session, each going into the break on session highs.
Corn, soybeans and wheat pivoted around unchanged while holding in tight trading ranges overnight but have adopted mildly firmer tones this morning.