CBOT Corrects on Profit Taking as Weak Longs Exit; China loading 250,000 MTs of Ukraine Corn; USDA Returns Tuesday

CBOT futures are sharply lower at midday with corn/soybeans pacing the decline while the wheat market awaits the arrival of SW Russian rainfall. The selling started at 8:30 AM CT and has built into the midday hour. The US 2020 corn and soybean crop is largely determined, and the outlook for future price moves now…

NASS Cuts US Corn/Soybean Harvested Acres Combined 1.7 Mil Acres; October Yields Stable; Bulls Need to Be Fed

The October USDA report was mildly bullish with NASS trimming both planted and harvested acres for US corn and soybeans. NASS pegged 2020 US corn planted acres at 91.0 Mil acres with harvested at 82.5 Mil acres, both were down 1 Mil acres. In soybeans, NASS pegged US soybean seeding at 83.1 Mil acres/harvested at…

Funds Pile into New CBOT Length; China Buys 8 Cargoes of US Soybeans Overnight; Fund Length in Soybeans Record

CBOT futures are strong at midday with only a moderate decline from the opening high. Volume and fund buying are active with corn, soybeans and wheat each scoring a new rally high. November soybean futures have reached $10.5975, December corn $3.92, with December Chi wheat at $6.115. In the case of wheat, this is the…