Overview
- USDA pegged U.S. corn production at 17.021 billion bushels with ending stocks up 198 million to 2.227 billion, and December 1 corn stocks at 13.282 billion.
- Soybean carryout rose 60 million bushels to 350 million as exports were trimmed and crush raised, with December 1 stocks at 3.29 billion and Brazil’s crop lifted to 178 MMT.
- Corn futures fell sharply Monday and eased again Tuesday as open interest jumped by more than 44,000 contracts, while soybeans posted a second day of losses and wheat finished mixed.
- Winter wheat seedings were reported at 32.99 million acres and U.S. wheat ending stocks increased to 926 million bushels, with December 1 wheat stocks at 1.675 billion.
- Export activity continued with U.S. corn sales to South Korea and unknown destinations and U.S. soybean sales to China and Mexico, as China’s Sinograin sold 1.1 MMT from state reserves and Russia’s wheat export outlook was raised by IKAR.