USDA Sales Surge and Canadian Wheat Revision Jolt Grains as Corn, Soybeans Rebound

Overview

• USDA logged 1.99 MMT of corn sales for the week of October 30, alongside daily-reported private deals of 100,800 MT to Colombia and 392,500 MT to Mexico.
• Backlogged export updates showed 1.248 MMT of soybeans sold that week, including 232,000 MT to China as confirmed purchases began to appear.
• EIA reported record ethanol production at 1.126 million barrels per day for the week ending November 28, reinforcing near-term corn demand.
• Statistics Canada raised national wheat output to 39.96 MMT, lifting supply expectations and pressuring spring wheat while winter wheat traded firmer.
• By midday Thursday, corn gained 3 to 6 1/4 cents and soybeans rose about 3 to 5 3/4 cents, cotton slipped 30 to 35 points, and cattle futures extended a rally as federally inspected slaughter ran below last week and last year.