Agriculture News
USDA estimates there were 11.985 million head of cattle in large feedlots (1,000-plus head) as of Dec. 1, down 51,000 head (0.4%) from both year-ago and the average pre-report estimate.
U.S. Drought Monitor shows 58% of the U.S. winter wheat crop area is covered by drought conditions as of Dec. 21.
Beef stocks rose contra-seasonally in November. Pork stocks declined, as is normal, but not nearly as much as the five-year average.
Soymeal and soyoil export sales came in above expectations.
Grain and soy futures posted light, two-sided trade overnight in thin pre-holiday price action.
EPA is currently evaluating the use of dicamba and whether it can be sprayed on GMO cotton and soybean plants with resistance to the chemical.
Soybean futures extended Tuesday’s strong rally overnight, while old-crop corn futures finally topped the $6 level after nearly two months of trying to get above that psychological mark.
Cash soybean meal prices surge above $400 but are still slightly below year-ago.
Soybean basis slips but remains well above the three-year average.
The U.S. hog herd is expected to be 2.9% smaller than year-ago as of Dec. 1.
Price action in grain and soy futures was relatively quiet in two-sided trade overnight.
Soybean and wheat export inspections each declined mildly from week-ago.
Corn, soybean and wheat futures were unable to sustain initial strength overnight and are trading near session lows this morning as the overall marketplace adopted a general risk-off stance.
Creighton University’s RMI shows strong rural economy
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Soybeans and wheat found mild followthrough buying overnight, while buying was restricted in corn and spring wheat.
The National Weather Service’s (NWS) 90-day forecast offers little hope for improvement in conditions of the HRW crop through winter.
53% of the winter wheat crop remains in drought
Weekly corn and wheat export sales hit marketing year high