Soybean futures the soybean futures market showed
The soybean futures market showed heightened volatility today as USDA weekly export data reported 1.12 million metric tons in U.S. sales, exceeding analyst expectations. Traders are watching for potential upward revisions in the WASDE report due to Argentina's drought-reduced crop outlook. A few spots in southeast NE, IA, and the Dakotas will see 1 to 2 inches of rain in the next week putting a pause to harvest in parts of the country. Lighter totals of less than ½ inch are seen across the rest of the growing regions. For the most part, harvest should be able to continue with a few exceptions. Due to the government shutdown, Monday’s Crop Progress report will likely be delayed. Issued 4 times per year by the National Agricultural Statistics Service (NASS), the Grain Stocks Reports offer updates on stocks of soybeans and other major grain & oilseed crops by state and by position (on- or off-farm storage). Global soybean demand metrics showed improvement, bolstering futures. CBOT November futures closed at $13.21, with analysts noting that reduced container freight rates are improving export economics for U.S. shipments to Southeast Asia.
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