The corn market bounced higher overnight after incurring sharp losses yesterday following the release of the WASDE report. Strength comes from renewed trade optimism, as well as poor weather in the Northern Plains.
The December corn contract is hovering just above it’s 20-day and 50-day moving averages of $3.80 ¼ and $3.78 ½ respectively.
Soybeans were higher overnight, drawing on strength from yesterday’s report as well as optimism regarding the U.S. China trade talks. Poor weather in the Northern Plains also helped to add strength to the market.
November 20 soybeans were at their highest level since late March in the overnight session, setting a high of $9.76.
There were 180 deliveries of October soymeal and 20 deliveries of October soyoil.