Agriculture News
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.
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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
Projected U.S. ending soybean stocks up less than expected.
USDA lowered its soybean crop by 23 million bu., whereas traders expected a 36-million-bu. increase.
Spring wheat futures led overnight gains in light trade ahead of USDA’s November crop reports later this morning.
The HRW rating is well below the five-year average, while the SRW rating is still above its norm for early November.
Cash market expert Angie Setzer sheds light on the local elevator and how it works.
Soybean inspections topped 2.6 MMT the week ended Nov. 4.
Grain and soy complex futures are under pressure to open the week. Live cattle futures opened weaker but have since reversed course and lean hog futures opened firmer but have turned mildly softer.