The area of winter wheat USDA estimated to be in drought conditions increased 1 percentage point to 75%.
Deal is extended for 120 days from Nov. 18 with no changes.
Corn, soybean and wheat futures sharply extended Wednesday’s losses overnight on news the Black Sea grain export deal was extended and pressure from outside markets.
Corn and soybean basis continues to strengthen as harvest winds down.
Grain markets faced pressure overnight and are trading near session lows this morning as the war escalation concerns that fueled gains late Tuesday have eased.
Wheat futures led overnight price declines in the grain markets on hopes of an extension to the Black Sea grain export deal.
Both crops are still rated below their respective five-year averages, especially HRW.
Corn, soybean and winter wheat futures open the week under pressure. Cattle futures are narrowly mixed with hog futures mildly firmer...
Corn and soybean futures were pressured by outside markets and a surge in Chinese Covid cases. Wheat futures traded mixed overnight.
USDA’s long-term baselines include the initial projections for 2023-24.

Brian Grete