Corn futures gained while soybeans were little changed, reversing early losses, as the value of the U.S. dollar declined sharply in midday trading.
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.
Corn futures were lower at the close amid a global grain glut that could lead to record stockpiles.
Corn and soybean futures were lower at midday amid a global grain glut that could lead to record stockpiles.
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.
The U.S. Food and Drug Administration said in a consumer update that a brand of genetically engineered (GE) salmon is indeed safe for sale to and consumption by humans.
At market close on Nov. 18, soybeans were significantly down, corn remained unchanged, and wheat fell slightly.
Corn and soybeans took a sharp turn downward midday, Nov. 18. Prices are declining due to a lack of demand.
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).
No one wants to be on the wrong side of a trade, which means the markets were little changed Wednesday A.M., Nov. 18.