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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.

Corn and wheat mildly favored the downside, while soybeans traded mostly higher in quiet, two-sided price action overnight.

Corn and soybean basis now just slightly weaker than average.

Big weekly jump in cash soymeal prices.

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.

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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.