Agriculture News
Wheat futures led strong overnight price gains in reaction to Russia’s temporary suspension of the Ukraine grain export deal over the weekend.
Food price forecasts continue to rise and are well above historical average rates.
Corn and wheat traded lower overnight on followthrough selling, while soybeans faced two-sided trade.
Beef stocks increased less than normal during September, though inventories were record-large for the month. Pork stocks declined contra-seasonally last month.
Weekly export inspections for week ended Oct. 20 revealed another week of sizable soybean inspections, at nearly 3 MMT, while wheat fell short of the expected range of 200,000-500,000 MT, and corn was as expected.
Grain and soy futures faced pressure from weak outside markets overnight.
All three categories matched or were close to the average pre-report estimates.
Access this week’s newsletter here.
Corn, soybean and wheat futures retreated from Thursday’s gains overnight amid renewed hopes for a Ukrainian grain export extension and pressure from outside markets.
Rural Mainstreet Index marks sixth decline in seven months.
Farm diesel prices rise to the highest level since the third week of July.