Agriculture News
Corn and soybean basis continues to rebound from the harvest lows.
No overnight trade in the grain markets. Grain and livestock markets open at 8:30 a.m. CT and close at 12:05 p.m. CT.
Soybean export sales cooled off for week ended Nov. 17 after the previous week’s large 3 MMT figure. Corn export sales land at over 1.8 MMT, still on the low-end of expectations, with wheat short of top-end by 88 MT.
Big weekly declines in ethanol, DDG prices in Iowa.
Corn and soybean futures favored the upside in overnight trade while wheat futures traded mostly lower.
The HRW CCI rating remains far below average. SRW rating is slightly below average.
Corn, soybean and wheat futures held in tight trading ranges while swinging to both side of unchanged during the overnight session.
Export inspections for week ended Nov. 17 revealed soybeans and wheat near top-end expectations, while corn landed mid-range.
Short-term trend turns bullish for live cattle and lean hog futures.
Corn, soybean and wheat futures faced pressure overnight from Chinese Covid concerns and outside markets.
Nov. 1 feedlot inventories down 2.0%, signaling tight beef supplies.
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Monthly Rural Mainstreet Index negative for sixth consecutive month.
Corn futures built on Thursday’s late corrective rebound during overnight trade, while soybean and wheat also firmed on short-covering.
Cash soybean prices rise as seasonal export demand builds.
Weekly soybean export sales for week ended Nov. 10 almost double top-end expectations of 1.7 MMT, while corn sales of nearly 1.2 MMT proved shy of top-end estimates by 230 MT.
The extended forecast wouldn’t be overly optimistic for significant improvement to HRW wheat conditions. However, SRW wheat areas should see relatively favorable winter weather.
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.