Pro Farmer
Wheat saw relative strength overnight while corn and soybeans saw modest selling pressure.
New-crop export sales for corn, soybeans and wheat each landed within analysts’ pre-report expectations, though soyoil sales posted net reductions for a second straight week.
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Corn and soybean basis remains well below average despite weak cash prices.
The November elections won’t play role in monetary policy moves or timing.
December corn extended losses, ultimately forging a sub-$4.00 close for the first time since late 2020, despite notable outside market support, while soybeans and wheat ended the session modestly higher.
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Corn, soybeans and wheat posted corrective gains most of the overnight session though saw an increase in selling pressure into the break.
Soybeans firm overnight, buying limited in corn and wheat
The grain and soy complex edged lower amid low volume trade and mostly favorable weather throughout the Midwest.