Grain Markets Split as Soybeans Slip Despite China Buy Before USDA WASDE

Overview

• Soybean futures fell 8 to 11.5 cents, corn eased up to 2 cents, and wheat traded mixed as traders positioned for Tuesday’s USDA report.
• USDA confirmed a private export sale of 132,000 metric tons of soybeans to China, while weekly inspections reached 1.018 million tons and season-to-date shipments are 45% below last year.
• Catch-up export sales for the week ending November 6 showed corn bookings at 979,525 tons, a marketing-year low, soybeans at 510,554 tons on the low side of estimates, and wheat at 462,478 tons.
• CFTC data for October 28 showed managed money trimming the corn net short by 71,479 contracts to 89,506 and boosting the soybean net long by 83,160 to 118,489, with commercials expanding net shorts in both markets.
• Analysts expect U.S. ending stocks near 2.146 billion bushels for corn, 306 million for soybeans, and 894 million for wheat, while improving South American weather and a 135.3 million-ton Brazil corn outlook shape supply views.