Overview
- Corn futures rose 2 to 4.5 cents on Wednesday after EIA data showed a record ethanol run of 1.131 million barrels per day, a private sale of 177,055 MT to Mexico, and a 268,000 MT South Korean tender.
- Soybeans fell again despite USDA confirming a 136,000 MT sale to China, with November NOPA crush at a monthly record for the month but soyoil stocks climbing and Brazil 97% planted weighing on sentiment.
- Wheat continued lower as traders focused on abundant global supplies, with recent data pointing to larger exporter availability and fresh EU trade figures, even as a U.S.-origin 20,800 MT sale to South Korea surfaced.
- Backlogged CFTC reports show managed money flipped to a net short in corn and trimmed soybean length as of November 25, underscoring the technical pressure driving recent price action.
- Cattle markets remained comparatively firm, with cash trade around $230 last week and boxed beef values rising, while feeder cattle extended gains into Tuesday.