Agriculture News
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.
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Grain and soy complex futures were pressured overnight by outside markets and concerns about demand.
Average cash steer price rises to the highest since 2015.
As of Oct. 25, 84% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, including 74% of winter wheat areas.
Weekly export sales for week ended Oct. 20 revealed a continuance of lackluster corn export sales, while soybeans remain steady, maintaining a pace slightly ahead of last year. Wheat topped expectations by over 80 MT.
Wheat futures built on Wednesday’s gains overnight amid global supply worries, while the corn and soybean markets followed to the upside.
Basis is better than average for corn and soybeans despite Mississippi River transportation slowdowns.
Corn and soybean futures found followthrough buying overnight while wheat futures rebounded as markets were supported by the recent sharp pullback in the U.S. dollar.
Food price forecasts continue to rise and are well above historical average rates.
Corn and wheat traded lower overnight on followthrough selling, while soybeans faced two-sided trade.
Beef stocks increased less than normal during September, though inventories were record-large for the month. Pork stocks declined contra-seasonally last month.
Weekly export inspections for week ended Oct. 20 revealed another week of sizable soybean inspections, at nearly 3 MMT, while wheat fell short of the expected range of 200,000-500,000 MT, and corn was as expected.
Grain and soy futures faced pressure from weak outside markets overnight.
All three categories matched or were close to the average pre-report estimates.