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3h ago

Grains Extend Rally as Traders Position for Friday’s First WASDE Since September

With routine USDA reports delayed by the shutdown, markets are leaning on partial export and cash signals ahead of the return of official supply‑demand data.

What Did We Learn About Markets at Tuesday's Close?
What Did Wednesday's Late Rally in Some Metals and Grains Tell Us?

Overview

  • Corn and soybeans added to Wednesday’s late-session strength on Thursday, with futures and national cash indexes advancing as commercial buying signs persisted.
  • EIA reported ethanol output at 1.075 million barrels per day with a stocks draw, offering fresh support to corn demand even as production eased from last week’s record.
  • USDA released backlogged weekly Export Sales from late September showing 1.394 MMT of corn, 870,533 MT of soybeans, and 315,875 MT of wheat, while South Korea and Taiwan booked new corn tenders.
  • Analyst surveys ahead of Friday’s delayed WASDE point to U.S. corn yield near 184 bpa and higher U.S. wheat ending stocks around 867 million bushels, with the report slated to proceed despite the shutdown.
  • USDA said it will publish unreported large daily sales at noon Friday and issue twice‑weekly export updates until early January, as traders also track national basis measures and sizable fund shorts in KC and Chicago wheat.