News
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.
Soybean futures failed to sustain followthrough buying overnight and have turned mostly weaker this morning. Corn and wheat traded lower throughout overnight trade.
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Soybean basis improved but remains below average.
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Soybeans led corn and wheat higher overnight on early reports of large export sales that were confirmed this morning by USDA.
Soybean futures posted strong gains overnight on talk of big Chinese purchases, while corn and wheat followed to the upside.
Higher-than-expected corn and soybean yields in some Corn Belt locations, along with a modest rally in corn prices, contributed to this month’s rise in farmer sentiment.
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Corn favored the downside overnight, soybeans reversed early losses and went into the break on session highs and wheat favored the downside though is well off session lows.
Soybeans pulled back from recent strong gains amid corrective selling overnight, while corn and wheat also traded lower.
Both crops remain well above year-ago levels.