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Early Wednesday trading showed December corn, November soybeans and December wheat lower, with soybeans turning negative after a new high in soybean meal. Traders cited rumors of new meal export business from the Gulf and a slowdown in Argentine crushing.
Weekly ethanol output fell to 906,000 barrels per day and inventories rose to 20 million barrels.
Strong soybean meal demand from Gulf export rumors and reduced Argentine crush supports meal prices and redirects business to US origin. Corn and soybean weakness reflects a minor correction from overbought levels ahead of harvest.
dtnpf.comDTN AnalystsSep 23, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
