News
Corn and wheat futures are higher with soybeans under light selling pressure. Cattle futures are higher with lean hogs under pressure...
Corn and wheat saw corrective gains overnight, while soybeans saw followthrough selling.
Chart trends remained mostly unchanged from the previous week.
Corn and wheat futures traded higher on corrective buying overnight, while soybeans faced followthrough selling.
Gaetz plans vote to oust McCarthy after Speaker avoids shutdown
After the Bell | September 29, 2023 USDA’s Quarterly Stocks Report extended early session selling, while a potential government shutdown heightened risk-off sentiment.
Access this week’s newsletter here.
Soybean stocks and wheat production came in higher than expected. Sept. 1 corn stocks were lower than anticipated.
USDA pegged Sept. 1 corn stocks at 1.361 billion bu., 68 million bu. lower than pre-report expectations and 16 million bu. lower than year-ago. Soybean stocks were above pre-report estimates by 26 mb.
Sen. Feinstein dies | UAW strike expansion | Miss. River | Ag disaster aid update
Corn and soybeans pivoted around unchanged for most of the night while wheat saw light corrective buying.
Corn, soybean and wheat futures held in tight price ranges in a lightly traded overnight session ahead of USDA’s reports later this morning.
Farrowing intentions suggest the expansion could be short-lived, but surging litter sizes could offset lower farrowings as they did during summer.
After the Bell | September 28, 2023 Corn futures led the grain complex higher, while meal strength pulled soybeans from early session lows.
Government shutdown looms, El Nino may reduce 2024 palm oil output and China’s hog herd shrinks...
China makes continues purchases of soybeans, makes initial 2024-crop sorghum buy
Corn, soybeans and wheat each saw selling pressure overnight, with soybeans leading the way lower. Price action is likely to be partially forced by positioning ahead of Friday’s USDA Grain Stocks report.
USDA reported wheat sales in week ended Sept. 21 totaled 544,500 MT, which capped the top-end pre-report estimate by 45,000 MT. Meanwhile corn sales were mid-range; soybeans were nearer the low-end of expectations.
Corn and soybean futures pulled back from recent corrective gains, while wheat extended its price slide during overnight trade.
Cash corn prices stabilize; soybean prices continue to drop.