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Odds improving for several critical farmer support programs
Russia to push for dollar alternatives at upcoming BRICS summit | China growth lowest in 18 months
Corn led strength overnight as both corn and soybeans build on Thursday’s strength. Wheat reversed lower and went into the break near session lows.
Corn sales during the week ended Oct 10, rose 82% from the previous week and noticeably from the four-week average. Soybean sales were also notable at 1.70 MMT, rising 35% on the week.
Corn and soybean futures mildly extended Thursday’s corrective gains during overnight trade, while wheat pivoted around unchanged.
Sharp drop in weekly cash corn and soybean prices as harvest remains rapid.
ENSO-neutral conditions remain in place, but CPC signals there are 60% odds a weak La Niña event will develop by the end of November and persist through winter.
Soybeans continue to lead weakness, though corn and wheat also saw a resurgence of selling pressure overnight.
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Corn, soybeans and the winter wheat markets faced price pressure overnight, while spring wheat traded mildly higher.
Notable weekly declines in cash prices for corn, soybeans and wheat.
Soybeans led corn higher in corrective strength, while wheat continued to undergo selling pressure in the overnight session. Bulls will seek to build on strength following strong daily sales.
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Corn, soybean and spring wheat futures posted mild corrective gains overnight, while the winter wheat markets faced light followthrough selling.
Corn inspections during the week ended Oct. 10 totaled 430,323 MT, down 518,000 MT from the previous week and well below the pre-report range.