Agriculture News
The Current Conditions Index declined 3 points to a reading of 98, while the Future Expectations Index increased 2 points to a reading of 104.
Soybean futures posted double-digit gains overnight while corn traded slightly higher and the wheat market was mixed.
Wheat export inspections for week ended Dec. 1 proved solid, topping expectations by nearly 35 MT, and up over 50 MT from the previous week. Corn inspections were mid-range, and up by almost 213,000 MT week over week.
Short-term trend turns bearish for corn and soyoil; bullish for soybeans and soymeal.
Soybeans and wheat were mildly firmer in overnight trade, while corn traded narrowly on either side of unchanged.
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Winter wheat futures led a round of followthrough selling in overnight trade, while corn and soybeans faced lighter pressure.
Weekly export sales for week ended Nov. 24 revealed wheat missing low end expectations by over 140,000 MT, while corn and bean sales landed just above their respective low-end estimates.
Drought covers 80% of the U.S., with 74% of U.S. winter wheat area impacted.
Cash cattle price climbs to the highest since May 2015.
Soybean futures led price declines overnight as the market pulled back from strong gains earlier this week. Corn and wheat faced mild selling pressure overnight.
Soybean basis and the average cash price both rose.
District agricultural conditions were mixed, though mostly strong.
Soybean futures pushed to their highest levels since September overnight, while corn and wheat were supported by end-of-the-month corrective buying.
The CCI ratings for HRW and SRW are both well below the respective five-year averages.
Corn mildly favored to the downside, while soybeans and wheat were mostly firmer during a lightly traded overnight session.
Corn export inspections missed low-end expectations by nearly 100,000 MT, while wheat was just shy. Soybean export inspections were notable, but below last week’s figure by over 400,000 MT.
Chinese Covid protests rattle markets coming out of the holiday weekend.
Limited movement in short-term price trends during the holiday week.
Corn, soybean and SRW wheat futures faced pressure overnight amid concerns with mounting Chinese Covid protests.