Soybean futures posted good gains on Thursday, ahead of the USDA’s monthly supply-demand update. Corn and wheat both ended lower.
Soybeans were lifted today by strong export demand, as the USDA’s weekly export sales report this morning pegged sales of American beans for the week ending Oct. 31 at 1.8 million tonnes, well above trade expectations. The USDA also reported a private export sale of 136,000 tonnes of beans to China this morning. For tomorrow’s supply-demand update, traders and analysts are generally expecting the USDA will revise its 2019 U.S. soybean production and yield estimates lower from October. January soybeans gained 9 cents to $9.36 ½ and new-crop November was up a nickel at $9.72 ¼.
Corn was down on just routine weekly export sales at just under 488,000 tonnes for the week ended Oct. 31. U.S. corn exports so far in 2019-20 have been poor, running at just 37% of the year-earlier pace. Corn production and yield estimates are also expected lower in tomorrow’s supply-demand update. December corn slipped 3 ½ cents to $3.75 ¼ and new-crop December 2020 corn lost 1 ½ cents to $3.99 ½.
Weekly export sales for wheat came in on the low side of trade expectations at 360,568 tonnes. December Chicago wheat dipped 4 ¼ cents to $5.12 ½, December Kansas City fell 3 cents to $4.24 ¾ and December Minneapolis lost 4 ½ cents to $5.18 ¾.
Live cattle futures were steady to higher today. Lean hogs were mostly higher.
Source: DePutter Publishing Ltd.
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