News
Weekly export sales through week ended Oct. 6 revealed corn below expectations for the second straight week, with beans, wheat on the low end of pre-report estimates. However, bean sales continue to outpace last year.
Basis for corn and soybeans continues to decline amid increased harvest and low water levels on the Mississippi River.
Soybean futures jump near two-week highs after USDA unexpectedly cuts crop outlook; corn little-changed, wheat lower.
USDA’s 2022-23 ending stocks forecasts came in higher than expected for corn and wheat, while projected carryover was lower than traders anticipated.
USDA’s Oct. WASDE revealed an additional cut to the national soybean yield to 49.8 bu. per acre (bpa), while pre-report estimates averaged 50.5 bpa. The corn yield landed slightly above the average estimate at 171.9 bpa.
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Grain, soybean futures lower ahead of USDA’s Crop Production, Supply and Demand Reports.
Corn, soybean and wheat futures faced mild selling pressure in relatively light overnight trade ahead of USDA’s October crop reports later this morning.
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Wheat drops sharply in corrective setback; corn lower, soybeans mixed ahead of Wednesday’s USDA reports.