Agriculture News
No overnight trade in the grain markets. Grain and livestock markets open at 8:30 a.m. CT and close at 12:05 p.m. CT.
Nov. 1 feedlot inventories down 2.0%, signaling tight beef supplies.
Access this week’s newsletter here.
Monthly Rural Mainstreet Index negative for sixth consecutive month.
Corn futures built on Thursday’s late corrective rebound during overnight trade, while soybean and wheat also firmed on short-covering.
Cash soybean prices rise as seasonal export demand builds.
Weekly soybean export sales for week ended Nov. 10 almost double top-end expectations of 1.7 MMT, while corn sales of nearly 1.2 MMT proved shy of top-end estimates by 230 MT.
The extended forecast wouldn’t be overly optimistic for significant improvement to HRW wheat conditions. However, SRW wheat areas should see relatively favorable winter weather.
The area of winter wheat USDA estimated to be in drought conditions increased 1 percentage point to 75%.
Deal is extended for 120 days from Nov. 18 with no changes.
Corn, soybean and wheat futures sharply extended Wednesday’s losses overnight on news the Black Sea grain export deal was extended and pressure from outside markets.