It's expected that Tuesday's report from the USDA will show what we already know—yields for corn and soybeans are high.
Soybeans were little changed since Friday morning lows, but corn futures did drop a bit midday.
Having additional on-farm storage may give you a marketing edge.
Corn and soybeans, after rebounding slightly overnight, resumed losses from yesterday’s session on signs of weak demand and increased overseas production.
Corn sales to overseas buyers in the week that ended October 29 fell 22%, soybeans sales dropped 69% to a marketing-year low, and wheat sales plunged 85%, the U.S. Department of Agriculture said in a report yesterday. Traders also may be squaring positions ahead of next week’s USDA World Agricultural Supply and Demand Estimates (WASDE) report, analysts said.
Soybeans plunged and grain futures closed lower after a government report showed export sales dropped dramatically.
Soybean sales fell 69% to a marketing-year low of 655,600 metric tons in the week that ended on Oct. 29, the U.S. Department of Agriculture said in a report today. Favorable weather in Brazil and Argentina, the second- and third-largest producers behind only the U.S., is also pressuring prices.
Soybean futures are taking a dive today.
Corn and soybeans closed higher Friday amid strong demand for U.S. supplies.
Exporters sold 2.09 million metric tons of soybeans in the week that ended October 22 for delivery in the current marketing year, up 19% from the prior four-week average, the Department of Agriculture said in a report yesterday. The government earlier this week reported sales of 120,000 metric tons of soybeans to China.
Corn sales totaled 708,800 tons last week, up 34% from the average for the prior four weeks, the USDA said.
Corn and soybeans are up midday based on speculation that strong demand will underpin prices.
Soybeans are up in early trading, with corn futures having fallen almost a cent overnight.
Soybeans continued their decline today, but corn futures ended well with strong exports from Mexico last week. Wheat sales also did very well.