News
Soybeans surged overnight, leading corn slightly higher as well. Wheat saw action on both sides of unchanged but favored the downside into the break.
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.