Agriculture News
Corn and soybean basis continues to strengthen as harvest winds down.
Grain markets faced pressure overnight and are trading near session lows this morning as the war escalation concerns that fueled gains late Tuesday have eased.
Wheat futures led overnight price declines in the grain markets on hopes of an extension to the Black Sea grain export deal.
Both crops are still rated below their respective five-year averages, especially HRW.
Weekly export inspections for week ended Nov. 10 showed soybean inspections missing expectations by over 142 MMT, with wheat also short nearly 24 MMT. Corn inspections were notable at 484 MMT, near top end expectations.
Corn and soybean futures were pressured by outside markets and a surge in Chinese Covid cases. Wheat futures traded mixed overnight.
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USDA’s long-term baselines include the initial projections for 2023-24.
Soy complex futures led a wave of strong corrective buying overnight on support from outside markets and stronger risk appetite as China eased its Covid regulations.