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Iowa has entered the legal fray by challenging a recently enacted Massachusetts law that prohibits the sale of pork not meeting specific hog-confinement standards, according to the Iowa Capital Dispatch.
USDA’s October production and carryover figures were lower than pre-report estimates, though the most notable miss was the 4 MMT difference in new-crop global soybean carryover vs. expectations.
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Corn and wheat traded in a tight range near unchanged overnight, while soybeans saw corrective gains. Trading is likely to remain largely positioning ahead of today’s USDA reports.
Corn, soybean and wheat futures were relatively quiet during the overnight session as traders await USDA’s October crop reports later this morning.
Basis firmed for both corn and soybeans over the past week.
Uncertainties included difficulties estimating the state of financial markets, potential oil price shocks and the impact of labor union strikes on the economy, among other factors.
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Corn, soybeans and wheat each favored the downside overnight, with wheat going into the break on session lows. Price action in grains is likely to be largely driven by positioning ahead of Thursday’s USDA reports.