News
Global carryover for corn and soybeans each surpassed pre-report expectations by 1.8 MMT and 1.5 MMT, respectively, largely neutralizing the lower-than-expected U.S. corn carryover.
Early seller interest faded overnight, with corn, soybeans and wheat all trading solidly higher early this morning.
SRW wheat basis firmed despite the surge in cash price.
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Wheat futures led the way higher overnight, as soybeans and corn both saw spillover strength. The increase in export demand has encouraged buyers of each market.
Corn and wheat extended their recent rallies overnight, while soybeans firmed amid a corrective rebound.
Corn and wheat continue to lead to the upside despite weakness in soybeans. Cotton futures rallied though continue to trade in a sideways range. Hog futures fell sharply despite sharp corrective gains in cattle.
November’s 12-point rise in the Current Conditions Index to a reading of 113 was primarily responsible for this month’s sentiment improvement as the Index of Future Expectations only improved by 2 points.