Grain Futures Firm as Markets Brace for Friday’s USDA Crop and WASDE Reports

Overview

• Soybeans were modestly higher at midday Wednesday, corn ticked up by up to 2 cents, and wheat steadied after early losses as traders positioned for the Nov. 14 data.
• Analyst polls anticipate U.S. corn yield near 184 bpa with production around 16.56 billion bushels and corn ending stocks near 2.136 billion bushels.
• Surveys suggest U.S. soybean yield near 53.1 bpa with production about 4.266 billion bushels and ending stocks close to 304 million bushels.
• USDA export inspections showed the week of Nov. 6 at 1.425 MMT for corn (marketing‑year total 13.725 MMT, up 65.7% year over year), 1.089 MMT for soybeans (8.889 MMT, down 42% year over year), and 0.291 MMT for wheat (12.115 MMT, up 19.2% year over year).
• Physical flows stayed active with 1,736 November soybean deliveries reported, while Brazil’s exporters’ group ANEC lifted November estimates to 4.26 MMT for soybean shipments and 6.04 MMT for corn.