GRAIN HIGHLIGHTS : Top Stories of the Day

TOP STORIES:

Wheat Higher on New Wave of Coronavirus Lockdown Fears

Wheat for December delivery rose 1.5% to $6.07 1/2 a bushel on the Chicago Board of Trade Monday as traders anticipated that renewed coronavirus lockdowns would spur fresh demand for wheat-based food products.

Corn for December delivery fell 0.3% at $3.97 1/2 a bushel.

Soybeans for January delivery fell 0.4% to $10.52 1/4 a bushel.

STORIES OF INTEREST:

Soybean Export Inspections Strong -- Market Talk

11:44 ET - Export inspections of US soybeans have stayed strong again this week. The USDA says soybean export inspections have totaled 2.08M metric tons, driven largely by inspections for soybeans destined for China. 1.49M tons are destined for the Chinese mainland, the USDA says. Meanwhile, corn export inspections totaled 721,623 tons this week, while wheat inspections totaled 287,059 tons--which is below the expectations of analysts. The evidence of strong soybean inspections destined to China may provide fuel for a rebound in soybean futures trading on the CBOT, once the uncertainty of the US presidential election subsides. ([e-mail]; @kirkmaltais)

AG Secretary Perdue Highlights Trump Accomplishments -- Market Talk

11:39 ET - A day before Election Day, Agricultural Secretary Sonny Perdue has gone public in advocating for President Trump's actions in supporting US farmers. In an op-ed published by Fox Business on Monday, Perdue says the Trump tax cuts have benefitted farmers, and aid programs have been beneficial to keep distressed farmers afloat. "Whether by cutting taxes for all Americans, fighting for better trade deals, expanding the use of ethanol, or connecting rural Americans to high-quality broadband Internet, the President has made sure that America is better off," says Perdue. ([e-mail], @kirkmaltais)

Grain Rebound Possible Following Election -- Market Talk

11:12 ET - Presuming that tomorrow's presidential election reaches a relatively timely resolution, then grain futures may soon turn around and regain ground lost in trading over the past week, says Tomm Pfitzenmaier of Summit Commodity Brokerage. "Corn is trading lower this morning as traders continue to take profits on long positions ahead of tomorrow's election," says Pfitzenmaier. "However, once those macro concerns are resolved, export demand and South American weather should ultimately come in to support prices." Corn and soybeans are both lower Monday, with corn down 0.6% and soybeans down 0.2%. ([e-mail]; @kirkmaltais)

US Foods Says Consumers Still Want Food Away from Home -- Market Talk

1042 ET - Food away from home has been recovering in recent months and is trending toward pre-Covid levels, US Foods Holding Corp. executives said during 3Q earnings call. Consumers are still expressing their desire to purchase food away from home partly because this habit has been shaped over decades. Off-premise dining has also been a driver of the market improvement, they said, adding that the foodservice distributor is gaining new customers such as health-care businesses. ([e-mail]; @_jaewonkang)

THE MARKETS:

Livestock Futures Turn the Corner -- Market Talk

15:43 ET - Livestock futures on the CME finish the day higher--with most-active live cattle futures up 0.2% to $1.0855 per pound and lean hog futures up 0.6% to 65.95 cents per pound. But, today's turnaround may be a technical reaction. "Weekly production data reported by USDA last week suggest no shortage of meat protein supplies, at least not in the near term," says Steiner Consulting Group. "The numbers reported on Friday are estimates and we think it is more likely that the actual production data will be revised higher, not lower." ([e-mail]; @kirkmaltais)

(END) Dow Jones Newswires

11-02-20 1804ET