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Corn traded on both sides of unchanged overnight, soybeans favored the upside but slipped into the break and wheat surged on the overnight open but has since faced corrective selling.
USDA reported weekly soybean sales of 1.372 MMT during week ended Oct. 12, up 30% from the previous week and 92% from the four-week average. Corn and wheat sales were steady on the week.
Corn and wheat mildly favored the downside, while soybeans traded mostly higher in quiet, two-sided price action overnight.
Corn and soybean basis now just slightly weaker than average.
After the Bell | October 18, 2023 Soymeal strength lifted soybean futures, while increasing signs the wheat complex has carved interim lows spurred buying in grains.
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Corn, soybeans and wheat each favored the upside overnight, continuing to show relative strength. Soybeans will be further supported by this morning’s daily export announcement.
Soybeans posted followthrough buying overnight, while corn and wheat rebounded from losses earlier this week.
After the Bell | October 17, 2023 Followthrough soymeal gains led soybeans higher, while hedge pressure and a general risk-off tone hovered over grains.
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Soybeans favored the upside overnight, corn traded near unchanged for the most part and wheat futures favored the downside.
Corn, soybean and wheat futures again held in tight trading ranges during the overnight session.
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After the Bell | October 16, 2023 Huge soybean inspections, record September NOPA crush and fading soyoil stocks pulled the soy complex higher, while corn and wheat futures succumbed to mild pressure.
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Soybean export inspections during week ended Oct. 12 rose over 600,000 MT from the previous week, notably exceeding pre-report estimates. Meanwhile, corn inspections fell short of the expected range.
Corn futures are lower with soybeans firmer and wheat mixed to start the week. Cattle futures are mildly firmer and lean hog futures are choppy with seller interest limited...