Agriculture News
Corn and soybeans faced light followthrough selling after last Friday’s losses during the overnight session, while wheat has turned mixed early this morning.
Data was mostly neutral compared to pre-report expectations.
A big part of the larger-than-normal increase in beef stocks was due to a downward revision for the August figure.
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Selling pressure mounted during the overnight session, with corn, soybeans and wheat trading near session lows early this morning.
Cash corn and soybean prices rebound but remain well below year-ago.
Pre-report expectations ranging from 2.2 MMT to 3.3 MMT indicated analysts expected huge corn sales during the week ended Oct. 17, though net sales topped the range by 300,000 MT. Soybean sales were also notable at 2.15 MMT.
The report highlights economic condition across the 12 Fed districts.
Corn and soybeans built on Wednesday’s corrective gains overnight, while the wheat market traded on both sides of unchanged.