Agriculture News
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.
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.