News
Corn ending stocks landed on the higher end of pre-report expectations due to a reduction in exports, while soybean ending stocks were unchanged. However, corn world ending stocks proved short of pre-report estimates.
Soybeans climb to 2 1/2-month highs on strong demand; corn, wheat firmer on bargain buying.
Weekly export sales for week ended Dec. 1 reported soybean sales over 1.7 MMT, topping expectations by over 500,000 MT and were up over 1 MMT from the previous week. Corn landed mid-range at 691,600 MT.
As of Dec. 6, 79% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, down one percentage point from the previous week.
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Corn, soybean and wheat futures modestly built on Wednesday’s gains during overnight trade.
Boxed beef and pork cutout prices continued their recent slide.
Soybean futures extend gains, end at 2 1/2-month high on soymeal rally, strong demand; corn and wheat also higher.
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Soybean futures extend gains on demand optimism, wheat firmer in corrective bounce, corn down slightly.
Soybeans traded higher but within Tuesday’s range, while soymeal futures posted new highs. Wheat futures were supported by mild corrective buying, while corn posted light, two-sided trade overnight.