Overview
- USDA reported 792,000 metric tons of soybeans sold to China on Tuesday, following wire reports of at least 14 cargoes purchased on Monday with some estimates near 20.
- NOPA crush reached 227.65 million bushels in October, the highest on record for any month, with soybean oil stocks at 1.305 billion pounds.
- Export Inspections showed corn shipments at 2.054 million metric tons for the week ending Nov. 13, the biggest since April 2021, while soybeans totaled 1.176 million with no listed cargoes to China.
- The return of official data reset balance sheets and trade flows, including a November WASDE that trimmed U.S. soybean output and a backlog confirmation of large corn sales.
- Wheat futures added to Monday’s rally as USDA said winter wheat is 92% planted and 45% good to excellent, while cattle traded mixed and cotton edged higher after recent contract lows.