Agriculture News
Soybeans are leading gains in the grain markets with livestock futures also higher to start the week.
December HRW and December HRS futures posted new contract highs overnight.
USDA’s Cold Storage Report showed beef stocks increased a little more than is typical during September, while the build in pork stocks was a little shy of normal.
Report should be supportive for futures, especially deferred live cattle.
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Wheat futures followed the European market higher overnight, with December HRS wheat scoring a new contract high.
Monthly survey finds bankers turning pessimistic for 2022.
The U.S. Drought Monitor as of Oct. 19 showed some drought improvement in areas of the Southern Plains, but there were areas in West Texas that saw a one-category degradation in drought conditions during the week.
Above-normal temps are expected across the entire Southern and Central Plains for November through January, with below-normal precip over much of Oklahoma and all of Texas.
China was the lead buyer of U.S. soybeans on the week at nearly 1.9 MMT.
Soybean led the price pullback overnight after recent, strong gains.
Corn and soybean basis both slipped as harvest continues to progress faster than normal and yields are big.
The report is expected to show larger placements again for September.
Agriculture conditions were mixed and energy markets were little changed, on balance.
We remember former U.S. Secretary of State General Colin Powell who passed away this morning, plus Chip Flory and Jim Wiesemeyer discuss what’s new with the infrastructure bill(s) and a lot more.
Soybean and corn export inspections topped expectations and year-ago levels.
Soybean futures are under light pressure with corn and wheat mixed. Livestock futures are lower to start the week with hog futures holding just above last week’s lows.
Find updates to our short-term, intermediate- and long-term trends for commodity and key outside markets.
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