Agriculture News
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.
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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.