Agriculture News
Soybean basis firmed 3 cents, while corn basis improved 5 1/4 cents.
October 2020 placements were unusually light and October 2021 had one less slaughter day than year-ago.
Soybeans led the overnight price rebound from Tuesday’s losses.
Nearby soymeal futures are mildly firmer this morning but failed to push above Monday’s highs overnight.
Federal Reserve Bank of Chicago notes strong farm incomes have translated into an 18% jump in farmland values.
The HRW CCI rating is still 9.0 points below the five-year average for mid-November, while the SRW rating is 4.9 points above average.
Third quarter bank survey finds rocketing land values, banker optimism
Soybean inspections were still in the middle of pre-report expectations at more than 2 MMT, while corn and wheat shipments topped expectations.
Soybeans are mildly higher with corn futures lower and wheat futures mixed to start the week. Livestock futures are under slight pressure.
Recent price strength has also turn the short-term trend up for soybean meal and intermediate trend sideways.
The strength in soymeal failed to trigger overnight buying in soybean or corn futures.
Access this week’s newsletter here.
Export sales for all three were within expectations, with corn sales of nearly 1.1 MMT and soybean sales of almost 1.3 MMT.
Two-sided price action was seen in corn and wheat futures overnight, while soybeans were firmer for much of the session, but all three are weaker this morning.
Oklahoma saw the most drought improvement, with coverage in the state declining five percentage points over the past week.
Ethanol prices surge above $3, more than double last year’s level.
Government offices are closed for the federal Veterans Day holiday. Markets are open.
Soybean basis firmed 6 1/4 cents over the past week to a penny above January futures.
The surge in consumer prices came a day after data showed producer prices also jumped sharply in October.
Corn futures extended their gains but failed to clear yesterday’s highs. Wheat futures were mostly firmer overnight