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Corn, Soybeans Decline as Export Sales Falter

Corn and soybeans fell as export sales for both commodities declined.

Corn sales of 499,400 metric tons in the week that ended November 26 were down 50% from the prior four-week average, the U.S. Department of Agriculture said in a report today. Commitments to purchase from U.S. inventories since the start of the marketing year are down 25% from the same time frame a year earlier.

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Corn Futures Decline as Global Glut Weighs on Prices

Corn futures fell amid a global grain glut that could lead to record stockpiles.

Global production in the current marketing year is forecast at 974.9 million metric tons by the U.S. Department of Agriculture, the third-highest ever behind only the past two seasons.

Rampant global production has led to burdensome inventories that this year are expected to reach a record 211.9 million tons, according to the USDA.

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Blizzard Conditions Move Into Central Plains

Parts of the central Plains are bracing for a blizzard that blew down out of Colorado and into the High Plains yesterday (agriculture.com/weather).

Blizzard conditions are expected in some parts of the Plains, while most of the Dakotas and western Nebraska also face strong winds that could potentially cause damage, according to the National Weather Service (weather.gov).

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