Your Pro Farmer newsletter (November 12, 2022) is now available

There were no major surprises in USDA’s domestic balance sheet adjustments in the Nov. 9 Supply & Demand Report, though we expected cuts to corn and wheat exports. The surprise on the global balance sheets was an unexpected uptick in wheat ending stocks. USDA raised its U.S. soybean crop estimate more than expected, while it unexpectedly increased both the corn and cotton crop estimates. With no major surprises in the November crop reports, focus turns to the Nov. 19 deadline for the deal allowing Ukrainian grain exports. Russia will drag its feet right up until the deadline, though officials from the United Nations, Ukraine and Turkey say they could go forward even if Russia doesn’t participate. On the economic front, slower-than-expected growth in U.S. consumer inflation in October has markets anticipating the Fed monetary policy tightening cycle may have peaked. We cover all of these items and much more in this week’s newsletter, which you can download here.