Agriculture News
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.
Quarterly bank survey finds strong financial condition but rising interest rates and drought are cause for concern.
USDA estimates the drought footprint covers 74% of winter wheat acres.
Weekly export sales for week ended Nov. 3 proved corn export sales remain week, missing low-end expectations by nearly 35 MT, while soybeans, wheat fell on the low-end of the range for the week.
Corn and soybean futures are lower and near their session lows this morning after two-side trade overnight. Wheat futures are mixed.
Soybean basis rises sharply as export demand picks up.
Wheat futures had the sharpest price reaction to the data. Soybeans initially traded lower but quickly bounced back.
USDA’s Nov. WASDE and production updates yielded increases in corn and bean production; however, corn carryout fell short of expectations while soybean carryout was pegged 8 million bu. higher than the average estimate.
Corn, soybeans and wheat swung to both sides of unchanged in a lightly traded overnight session but are mostly weaker this morning.