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Weekly soybean inspections in week ended Nov. 9 fell 516,368 MT from the previous week and were shy of the pre-report range of 1.75 to 2.25 MMT.
Soybean futures are off to a higher start as corn and wheat futures lag. Cattle futures are under pressure with lean hog futures mixed.
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Soybeans saw sustained strength overnight while wheat and corn both favored the downside and went into the break nearer session lows.
Soybean futures firmed overnight while the wheat market weakened. Corn was caught in the middle amid light, two-sided trade.
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Corn and soybeans saw modest losses overnight following volatile trade on Thursday following the updated USDA reports, while wheat went into the break on session highs, modestly higher
Corn, soybeans and wheat tried to work higher early in the overnight session, but buyer interest was limited and light pressure ensued.
Corn, soybeans, wheat and cattle each saw extensive selling throughout the session. Cotton rose on corrective buying and hogs continue to show relative strength on strong cash fundamentals.
USDA raised its corn, soybean and cotton crop estimates, pushing up projected ending stocks. Wheat ending stocks also increased.
USDA increased corn yield to 174.9 bu. per acre, bringing production to 15.234 billion bu. Meanwhile, soybean yield was pegged at 49.9 bu., up 0.3 bu. from last month.
Soybeans failed to sustain early strength overnight and favored the downside into the break, while corn and wheat traded lower throughout overnight trade. Beans are likely to be supported by large China purchases.
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Corn sales during week ended Nov. 2 totaled 1.015 MMT for 2023-24, up 36% from the previous week and 4% from the four-week average.