Highlights
Yesterday morning, USDA announced the sale of:
1,043,940 mts of old crop corn to Mexico
579,120 mts of new crop corn to Mexico
332,000 mts of old crop corn to unknown
175,000 mts of old crop soybeans to unknown
November soybean futures gained 5½¢ on the January beans the past 8 trading sessions. Benson Quinn Commodities, which is owned by ADM, say crushers only have enough beans to keep operating for two weeks. Farmers are not selling beans with the 90¢ drop in futures since 30 September. So, the market is reducing the return to storage of the market to get farmers to sell.