Soybean futures reacted sharply to USDA’s October crop reports that featured a virtually unchanged crop estimate and deeper cut to carryover than was expected. November soybean futures reached their highest level since the beginning of August, touching $10.00 Friday morning. The strength in soybeans pulled corn futures off their fresh contract lows, despite a bigger-than-anticipated crop estimate and unexpected rise in projected 2017-18 carryover. Wheat futures slumped amid what is perceived to be favorable weather for winter wheat crop development and USDA’s bigger-than-expected increase in 2017-18 carryover.
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