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Corn and wheat extended their recent rallies overnight, while soybeans firmed amid a corrective rebound.

Corn and wheat continue to lead to the upside despite weakness in soybeans. Cotton futures rallied though continue to trade in a sideways range. Hog futures fell sharply despite sharp corrective gains in cattle.

November’s 12-point rise in the Current Conditions Index to a reading of 113 was primarily responsible for this month’s sentiment improvement as the Index of Future Expectations only improved by 2 points.

Another 198,000 metric tons of U.S. SRW wheat for delivery to China

Corn futures continued to show relative strength overnight, soybeans saw corrective buying from recent selling and wheat futures saw profit taking, though each saw buying into the break.

Corn, soybeans and wheat traded on both sides of unchanged while holding in tight ranges during the overnight session.

After the Bell | December 4, 2023

Weekly corn inspections during week ended Nov. 30 totaled 1.16 MMT, exceeding the pre-report range by nearly 260,000 MT, while wheat and soybean inspections each fell short of respective pre-report ranges.