Soybean futures at the Chicago Board of Trade (CBOT) hit their lowest point in 12 weeks on Friday but managed to recover slightly, ending the day with modest gains. The market is now awaiting the U.S. Department of Agriculture’s (USDA) updated supply and demand estimates, set for release on November 10. Traders expect an upward revision to the already record-high forecast of 4.562 billion bushels from October. The USDA is reportedly using an artificial intelligence tool to verify data after previous forecasting errors damaged trust among farmers and traders. Additionally, the USDA announced private export sales of 136,000 tonnes of soybeans to undisclosed destinations.
Corn futures saw a slight uptick, with traders positioning ahead of next week’s supply and demand report. Average trade estimates suggest a minor reduction in U.S. corn production from the October forecast of 16.034 billion bushels, with anticipated yields of 180.6 bushels per acre. Even with the expected cut, production would still rank as the second-largest on record. The USDA also reported private export sales of 101,000 tonnes of corn to unknown buyers.
Wheat futures weakened on Friday as traders adjusted positions ahead of the weekend. The market is watching for potential progress in Russia-Ukraine peace talks next week, which could improve grain movement through the Black Sea. Meanwhile, winter wheat planting in France reached 84% completion as of November 2, up from 77% at the same time last year, according to AgriMer.