Agriculture News
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.
Corn and soybeans are expected to open lower, with wheat likely to be mixed.
Soybeans led overnight losses, while corn and the winter wheat markets faced lighter selling.
USDA showed Oct. 1 Cattle on Feed in large (1,000+ head) feedlots population up 0.6% above year-ago, easily topping industry expectations.
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Corn and wheat futures firmed amid mild followthrough buying overnight, while soybeans pulled back a little.
Monthly survey finds most negative attitude since May 2020.
The 90-day forecast from the National Weather Service signals increased chances of above-normal precipitation across the eastern half of Kansas, along with most of Texas and Oklahoma through January.
USDA reported weekly soybean sales of 1.372 MMT during week ended Oct. 12, up 30% from the previous week and 92% from the four-week average. Corn and wheat sales were steady on the week.
Corn and wheat mildly favored the downside, while soybeans traded mostly higher in quiet, two-sided price action overnight.
Corn and soybean basis now just slightly weaker than average.