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SRW wheat basis firmed despite the surge in cash price.
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Wheat futures led the way higher overnight, as soybeans and corn both saw spillover strength. The increase in export demand has encouraged buyers of each market.
Corn and wheat extended their recent rallies overnight, while soybeans firmed amid a corrective rebound.
Corn and wheat continue to lead to the upside despite weakness in soybeans. Cotton futures rallied though continue to trade in a sideways range. Hog futures fell sharply despite sharp corrective gains in cattle.
November’s 12-point rise in the Current Conditions Index to a reading of 113 was primarily responsible for this month’s sentiment improvement as the Index of Future Expectations only improved by 2 points.
Another 198,000 metric tons of U.S. SRW wheat for delivery to China
Corn futures continued to show relative strength overnight, soybeans saw corrective buying from recent selling and wheat futures saw profit taking, though each saw buying into the break.
Corn, soybeans and wheat traded on both sides of unchanged while holding in tight ranges during the overnight session.
Weekly corn inspections during week ended Nov. 30 totaled 1.16 MMT, exceeding the pre-report range by nearly 260,000 MT, while wheat and soybean inspections each fell short of respective pre-report ranges.
Corn and soybean futures are mildly weaker to start the week with wheat mixed. Cattle futures are sharply lower with lean hogs mixed…
China buys 440,00 MT U.S. SRW wheat | USDA announces other daily export sales
Corn and soybeans favored the downside overnight, with soybeans leading the way lower. Both went into the break well off session lows. Wheat traded higher, continuing to show relative strength.
Corn and soybeans traded lower through the overnight session, while wheat firmed this morning after earlier losses
Friday: Employment & USDA reports | COP28 summit | Supplemental spending/border talks