Major futures finished mostly higher. Corn continues to lead the increases due to the strong external demand for the cereal of American origin and the reports of record export sales in the last week.
Wheat futures concluded the trading day higher on the back of momentum generated by gains in the corn market, as traders continue to monitor the potential impact on trade in the Black Sea region of Russia’s intentions to regulate exports. Recent rains in the winter wheat-producing areas of Russia and the United States have also dampened wheat prices, although concerns remain about the persistence of drought in these areas.
Corn futures end the round with improvements in their values as a boom in US export sales boosted prices for the fourth consecutive session. Cumulative net corn sales for the current and new harvest totaled 4,183,777 tons in the week ending October 17, exceeding trade expectations and marking the largest week of U.S. grain export sales since May 2021, according to data published today by the US Department of Agriculture.
Soybean futures closed the day’s session practically unchanged with uneven balances between positions, the closest contract adjusted slightly downwards while the other positions had small improvements. According to data released by the USDA, net export sales of US soybeans for the current and new crop seasons reached an eight-week high of 2,151,743 tons. However, price growth was limited by heavy global supplies and uncertainty over the outcome of the US presidential election on future trade relations with key markets.
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