Corn futures advance as export inspections beat estimates
Grain futures posted solid follow-through buying across the board on Tuesday, led by new crop December Corn futures reaching their highest close since June 2 at 4'64'2. November Soybean futures also showed notable strength, settling at their highest level since mid-May at 11'97'6, while December Chicago Wheat futures ended the session 5.25 cents higher. The latest crop progress report offered a mixed picture, with corn conditions holding steady at 67% good to excellent, while soybean ratings slipped slightly to 64%. On the export front, weekly inspections delivered a "Goldilocks" scenario: corn shipments surged past expectations at 1.64 million metric tons, soybeans met estimates at 528,000 metric tons, and wheat inspections fell short at 134,000 metric tons.
Grain futures posted solid follow-through buying across the board on Tuesday, led by new crop December Corn futures reaching their highest close since June 2 at 4'64'2.
November Soybean futures also showed notable strength, settling at their highest level since mid-May at 11'97'6, while December Chicago Wheat futures ended the session 5.25 cents higher.
The latest crop progress report offered a mixed picture, with corn conditions holding steady at 67% good to excellent, while soybean ratings slipped slightly to 64%.
On the export front, weekly inspections delivered a "Goldilocks" scenario: corn shipments surged past expectations at 1.64 million metric tons, soybeans met estimates at 528,000 metric tons, and wheat inspections fell short at 134,000 metric tons.