Overview
- Soybeans rallied 23 to 33 cents after wire reports pointed to at least 14 Chinese cargo purchases and NOPA confirmed a record October crush of 227.65 million bushels.
- USDA export inspections showed 2.054 million metric tons of corn shipped for the week ended Nov. 13, the largest weekly total since April 2021, with marketing-year shipments up 73% year over year.
- USDA cleared a backlog of large daily export sale announcements and posted corrections, including the cancellation of 100,000 metric tons from previously reported Chinese soybean purchases.
- Wheat futures advanced as inspections tallied 246,533 metric tons for the week and season-to-date exports rose to 12.363 million metric tons, up 19.3% from a year earlier.
- Cotton stayed soft after USDA lifted U.S. yield and production to 14.12 million bales and raised ending stocks by 700,000 bales.