News
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.
Traders expect little change in USDA report, CONAB raises Brazilian soybean crop estimate and Chinese pork prices tumble...
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.
CR issues unresolved | Yellen meets Chinese counterpart | Brazil soybeans | Electric grid
Soybean basis improved but remains below average.
