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- Chicago soybean futures fell to the lowest level in nearly a year following a U.S. Department of Agriculture report that showed larger than expected yields of soybeans and corn.
- CBOT soybeans for November delivery (S_1:COM) settled -2.4% to $11.98 1/4 per bushel, the lowest since December 2020, as the monthly WASDE report pegged soybean yields at 51.5 bushels per acre, above the 51.1 bpa estimates from analysts surveyed by WSJ.
- "The market was looking for a bearish report and you can make the case it was more bearish versus expectations," Craig Turner of Daniels Trading tells WSJ.
- Also, corn for December delivery (C_1:COM) closed -2% to $5.22 1/2 a bushel, after the USDA showed an uptick of nearly 100M bushels to U.S. corn ending stocks
- December wheat (W_1:COM) +0.3% to $7.34 a bushel, as the USDA forecast global wheat ending stocks at the lowest in five years, due in part to droughts in the northern U.S. and Canada that hurt production.
- ETFs: SOYB, CORN, WEAT