As of Dec. 6, 79% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, down one percentage point from the previous week.
Weekly export sales for week ended Dec. 1 reported soybean sales over 1.7 MMT, topping expectations by over 500,000 MT and were up over 1 MMT from the previous week. Corn landed mid-range at 691,600 MT.
Soybeans traded higher but within Tuesday’s range, while soymeal futures posted new highs. Wheat futures were supported by mild corrective buying, while corn posted light, two-sided trade overnight.
Wheat export inspections for week ended Dec. 1 proved solid, topping expectations by nearly 35 MT, and up over 50 MT from the previous week. Corn inspections were mid-range, and up by almost 213,000 MT week over week.