Agriculture News
The 90-day forecast from the National Weather Service signals increased chances of above-normal precipitation across most of the key HRW production areas of the Central and Southern Plains through February.
Weekly soybean inspections in week ended Nov. 9 fell 516,368 MT from the previous week and were shy of the pre-report range of 1.75 to 2.25 MMT.
Soybean futures firmed overnight while the wheat market weakened. Corn was caught in the middle amid light, two-sided trade.
Access this week’s newsletter here.
Federal Reserve Bank of Chicago cites survey results from ag bankers.
Corn, soybeans and wheat tried to work higher early in the overnight session, but buyer interest was limited and light pressure ensued.
USDA raised its corn, soybean and cotton crop estimates, pushing up projected ending stocks. Wheat ending stocks also increased.
USDA increased corn yield to 174.9 bu. per acre, bringing production to 15.234 billion bu. Meanwhile, soybean yield was pegged at 49.9 bu., up 0.3 bu. from last month.
Corn sales during week ended Nov. 2 totaled 1.015 MMT for 2023-24, up 36% from the previous week and 4% from the four-week average.
Soybean futures failed to sustain followthrough buying overnight and have turned mostly weaker this morning. Corn and wheat traded lower throughout overnight trade.