Agriculture News
Most of the modest improvement was in SRW CCI ratings.
Following are USDA’s initial assumptions for 2023-24.
Weekly export inspections for week ended Nov. 3 revealed soybean inspections notably above the top-end estimate of 2.5 MMT, while corn and wheat each fell short of low-end expectations for the week.
USDA is expected to make minor adjustments to its U.S. crop estimates and balance sheets, though bigger changes are possible for global wheat production.
Corn, soybeans and wheat traded mildly lower overnight amid a pullback from last Friday’s gains.
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Corn, soybean and wheat futures firmed overnight amid corrective buying as outside markets provided support.
Our updated monthly and quarterly price forecasts, including the first look at Q2 2023.
“Extreme” or “exceptional” drought now covers 59% of Kansas, including virtually all of the southern half of the state and many of the western counties.
Weekly export sales for week ended Oct. 27 reported corn, soybeans, and wheat on the lower end of estimated ranges. Soybeans export sales remain marginally ahead of last year, while corn persistently lags by over 50%.
Corn and wheat futures faced followthrough selling overnight, while soybeans gave back more than they gained on Wednesday.
Corn and soybean basis continues seasonal recovery from harvest lows.
Powell’s comments seemed to walk back the more dovish tone in the post-meeting statement.
Wheat futures led a sharp drop in prices early this morning as news of Russia resuming its participation in the Black Sea grain export initiative hit markets.
Soybeans built on Monday’s gains during overnight trade, while the corn and wheat markets pulled back amid corrective selling.
The SRW CCI rating was also well below average for the end of October.
Weekly export inspections for week ended Oct. 27 were delayed this morning due to technical issues, but revealed figures for corn, soybeans, and wheat all within expected ranges with soybeans near the top end.
Wheat futures led strong overnight price gains in reaction to Russia’s temporary suspension of the Ukraine grain export deal over the weekend.