The surge in consumer prices came a day after data showed producer prices also jumped sharply in October.
Corn futures extended their gains but failed to clear yesterday’s highs. Wheat futures were mostly firmer overnight
USDA lowered its soybean crop by 23 million bu., whereas traders expected a 36-million-bu. increase.
Spring wheat futures led overnight gains in light trade ahead of USDA’s November crop reports later this morning.
The HRW rating is well below the five-year average, while the SRW rating is still above its norm for early November.
Soybean inspections topped 2.6 MMT the week ended Nov. 4.
Grain and soy complex futures are under pressure to open the week. Live cattle futures opened weaker but have since reversed course and lean hog futures opened firmer but have turned mildly softer.
Grain and soy complex futures posted quiet, two-sided trade overnight as traders start to prepare for Tuesday’s November crop reports from USDA.
Projections of note for the 2022-23 marketing year.
The bigger crop estimate is expected to increase the 2021-22 bean ending stocks projection. But traders see corn carryover declining a little, as ethanol use is likely to rise.

Brian Grete