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A big part of the larger-than-normal increase in beef stocks was due to a downward revision for the August figure.
Corn and soybeans continue to lead strength, while wheat spent most of the overnight session trading near unchanged.
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.
Corn and soybean basis improved over the past week.
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Wheat led overnight weakness with corn and soy pausing recent strength as well. Buying increased in all three into the break.
Corn and soybeans pulled back overnight from corrective gains the two previous days, while wheat more than erased Tuesday’s price strength.