Soybean and corn futures were mixed in overnight trading, as investors weigh strong demand against harvest pressure.
Sales of soybeans since the start of the marketing year on September 1 are up 24% vs. the same time frame a year ago, according to the Department of Agriculture. Sales of corn have jumped almost 85% year over year, the USDA said in a report on Thursday. Still, 61% of corn and 76% of soybeans have been harvested so far, bringing supplies to the market. The USDA still believes production of both crops will be record high this year.
Soybeans for November delivery rose a penny to $10.26 a bushel on the Chicago Board of Trade. Soy meal futures for December delivery fell $1.60 to $326 a short ton, and soy oil rose 0.32¢ to 35.43¢ a pound.
Corn futures for December delivery lost 1¢ to $3.56½ a bushel in Chicago.
Wheat futures for December delivery fell 1½¢ to $4.13 a bushel in Chicago, while Kansas City futures declined 1¢ to $4.16 a bushel.
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