Agriculture News
As of Oct. 11, 82% of the U.S. was experiencing abnormal dryness/drought, up five points from the previous week. Drought coverage increased in the PNW, Plains, Ohio River Valley and Southeast.
Soybean futures pulled back overnight from their strong gains Wednesday, while wheat traded mildly higher after yesterday’s losses. Corn posted two-sided trade.
Basis for corn and soybeans continues to decline amid increased harvest and low water levels on the Mississippi River.
USDA’s 2022-23 ending stocks forecasts came in higher than expected for corn and wheat, while projected carryover was lower than traders anticipated.
USDA’s Oct. WASDE revealed an additional cut to the national soybean yield to 49.8 bu. per acre (bpa), while pre-report estimates averaged 50.5 bpa. The corn yield landed slightly above the average estimate at 171.9 bpa.
Corn, soybean and wheat futures faced mild selling pressure in relatively light overnight trade ahead of USDA’s October crop reports later this morning.
Weekly export inspections for week ended Oct. 6 reported corn, beans, and wheat within expectations, however corn and bean inspections are now notably behind last year’s, at 9.4% and 23% behind, respectively.
Corn, soybeans and wheat pulled back from Monday’s gains amid corrective selling and weakness in the crude oil market.
The 2022-23 domestic balance sheets will reflect Sept. 1 stocks and the final 2022 wheat crop estimate, along with any changes to this year’s corn, soybean and cotton crop forecasts.
Wheat futures led a price surge in the grain and soy markets overnight as escalating war concerns sparked supply concerns from the Black Sea region.
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Corn, soybean and wheat futures regained a portion of Thursday’s losses amid corrective buying overnight.
The state of Mato Grosso moved one step closer to assuming control of the project to upgrade BR-163, the so-called “soybean highway” in Brazil.
Weekly export sales data for week ended Sept. 29 proved uninspiring with corn over 120K MT short of expectations, while wheat was slightly above. Soybeans landed on the low end of pre-report estimates.
Expansion of drought will add to low water levels and shipping disruptions along the Lower Mississippi and Oho river valleys.
Corn, soybean and winter wheat futures traded lower overnight as outside markets provided price pressure.
Basis continues to fall for both corn and soybeans amid seasonal pressure during harvest and shipping problems to the Gulf given low water levels.
Scouts measured average corn yield potential of 177.4 bu. per acre. Pod counts in a 3’x3’ square averaged 1,027.