Corn saw followthrough buying overnight but saw some profit-taking into the break, soybeans faced mild corrective selling and wheat saw followthrough buying.
After the Bell | October 19, 2023
The rally in soymeal continued and led soybeans higher into the close, while nearby corn closed above $5.00 for the first time since early August.
The 90-day forecast from the National Weather Service signals increased chances of above-normal precipitation across the eastern half of Kansas, along with most of Texas and Oklahoma through January.
Corn traded on both sides of unchanged overnight, soybeans favored the upside but slipped into the break and wheat surged on the overnight open but has since faced corrective selling.
USDA reported weekly soybean sales of 1.372 MMT during week ended Oct. 12, up 30% from the previous week and 92% from the four-week average. Corn and wheat sales were steady on the week.
After the Bell | October 18, 2023
Soymeal strength lifted soybean futures, while increasing signs the wheat complex has carved interim lows spurred buying in grains.
Corn, soybeans and wheat each favored the upside overnight, continuing to show relative strength. Soybeans will be further supported by this morning’s daily export announcement.
After the Bell | October 17, 2023
Followthrough soymeal gains led soybeans higher, while hedge pressure and a general risk-off tone hovered over grains.
After the Bell | October 16, 2023
Huge soybean inspections, record September NOPA crush and fading soyoil stocks pulled the soy complex higher, while corn and wheat futures succumbed to mild pressure.
Soybean export inspections during week ended Oct. 12 rose over 600,000 MT from the previous week, notably exceeding pre-report estimates. Meanwhile, corn inspections fell short of the expected range.
Corn futures are lower with soybeans firmer and wheat mixed to start the week. Cattle futures are mildly firmer and lean hog futures are choppy with seller interest limited...
Corn, soybeans and wheat favored the upside on the overnight open but saw selling pressure as the session went on. Wheat held onto gains, but corn and soybeans went into the break near unchanged.
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.
Corn, soybeans and wheat each saw followthrough buying overnight and were driven higher into the break by an export sales report had net sales topping expectations in each crop.
Weekly wheat sales reached a marketing-year high in week-ended Oct. 5, while soybean sales rose 31% on the week and were up 68% from the four-week average.
After the Bell | October 12, 2023
The grain and soy complexes rallied amid more bullish-than-expected data in USDA's Production and Supply and Demand Reports.
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.
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.
