Agriculture News
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.
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.
Access this week’s newsletter here.
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.
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.