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Corn, soybeans and wheat are expected to open mildly firmer this morning.
Weekly corn sales during week ended Oct. 19 totaled 1.351 MMT, which topped pre-report expectations, while soybean sales totaled 1.378 MMT.
Grain markets traded on both sides of unchanged overnight, with beans and wheat mildly favoring the upside this morning.
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Soybean basis firmed over the past week and is now in line with the three-year average.
Beef stocks climbed more than average during September, largely because the previous month’s figure was revised down 15.1 million pounds. Sept. pork stocks dropped, whereas there is normally a small buildup in supplies.
Iowa’s farmland values, which saw consecutive record-breaking increases for two years, are now showing signs of cooling, though they remain near historic highs.
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Grain and soy markets are expected to open mostly lower in quiet trade.
Corn, soybeans and wheat posted two-sided price action while holding in relatively tight trading ranges overnight.
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Soybeans are expected to open firmer, with wheat and corn likely to face pressure.
Corn faced followthrough selling overnight, while wheat more than erased Monday’s modest gains. Soybeans posted two-sided trade.