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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.
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Corn and soybeans traded narrowly near unchanged overnight. Wheat saw relative weakness though saw heightened buyer interest into the break.
Corn, soybeans and wheat traded on both sides of unchanged while holding in relatively tight ranges during the overnight session.
Weekly corn and soybean inspections during the week ended Oct. 17 rose solidly from the previous week, each landing near the upper-end of pre-report expectations. Wheat inspections declined over 100,000 MT, missing analysts’ range of expectations.
Grain and soybean futures open the week mildly higher on light corrective buying.
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Corn, soybeans and wheat each favored the upside most of the overnight session, though corn and wheat fell near unchanged into the break.
Short-term trend turns bearish for corn and soybeans.
Corn, soybeans and wheat mildly rebounded overnight from poor closes last Friday.