Overview
- Soybean futures turned lower Wednesday despite official assurances, with Treasury Secretary Bessent saying China is in perfect cadence to complete pledged U.S. purchases by late February as verified sales remain limited.
- USDA export inspections showed soybean shipments at 920,194 metric tons for the week ending Nov. 27 with none to China, leaving season-to-date exports 45.6% below last year.
- Corn futures fell even as EIA reported a record 1.126 million barrels per day of ethanol production for the week ending Nov. 28, with recent export inspections at 1.421 million metric tons running well ahead of last year.
- Wheat surrendered part of Tuesday’s Black Sea–driven gains, with traders digesting reports of Russian threats toward Ukraine’s sea access and fresh tender activity including Algeria buying an estimated 500,000–600,000 metric tons.
- Cattle futures added to Tuesday’s sharp rally, with live cattle up about $1.50–$2 and feeders up roughly $3–$4 at midday, as delayed CFTC data showed funds maintaining sizable net longs in live cattle.