News
Wheat futures are pulling corn lower as soybeans firm. Cattle futures are choppy as hog futures firm...
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.
House update | Senate update | FOMC | Impact of Trump’s trade policy ideas | China’s latest stimulus program
Corn futures have firmed after light, two-sided trade overnight, while the soybean and wheat markets faced pressure for most of the session.
China wants to limit soybean imports | FOMC expected to cut interest rates by 25 basis points | David Wasserman on 2024 elections
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.