December corn in the red [Video]

December corn is down 2¾¢ this morning.

January soybeans are up 3¾¢.

December wheat contracts are down. CBOT wheat is down 6½¢. KC wheat is down 9¼¢. Minneapolis wheat is down 6¼¢.

This morning USDA announced unknown destinations are buying 120,000 metric tons of corn for the 2024/2025 marketing year.

USDA also released the weekly U.S. Export Sales report this morning. Matt Zeller, senior market intelligence analyst at StoneX, analyzed the report:

“U.S. exporters sold a whopping 108.9 million bushels (mb) of corn to foreign buyers on the week ending Oct. 31, up from 92 mb the week prior and just 40 mb on the comparable week last season — though it was still below the 141.8 mb figure from two weeks ago.

“Recent strong sales have cumulative corn sales since Sept. 1 up to 1.125 billion bushels — already 365 mb ahead of last year’s pace through nine weeks, with the USDA only looking for a +33 mb year-over-year corn export …