Agriculture News
During week ended Oct. 26, corn inspections rose 82,225 MT, while soybean inspections fell 735,466 MT from the previous week.
Soybean basis firmed over the past week and is now in line with the three-year average.
Beef stocks climbed more than average during September, largely because the previous month’s figure was revised down 15.1 million pounds. Sept. pork stocks dropped, whereas there is normally a small buildup in supplies.
Iowa’s farmland values, which saw consecutive record-breaking increases for two years, are now showing signs of cooling, though they remain near historic highs.
Grain and soy markets are expected to open mostly lower in quiet trade.
Corn, soybeans and wheat posted two-sided price action while holding in relatively tight trading ranges overnight.
Soybeans are expected to open firmer, with wheat and corn likely to face pressure.
Corn faced followthrough selling overnight, while wheat more than erased Monday’s modest gains. Soybeans posted two-sided trade.
USDA reported wheat inspections of 168,868 MT during week ended Oct. 19, which were down 187,000 MT from last week and below pre-report estimates.
Soybeans and corn are under pressure to open the week, while wheat is firmer.
Short-term trends turn bullish for corn and soymeal.