Agriculture News
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.
Weekly export sales for week ended Oct. 13 revealed soybean sales over 2 MMT, while corn fell within pre-report estimates, but continues to lag last year’s pace by over 50%. Wheat missed low-end expectations by 30 MT.
Supportive outside markets helped fuel a corrective rebound in grain and soy futures overnight.
Basis improves for both corn and soybeans despite Mississippi River shipping issues.
Specifically relating to agriculture, the Fed noted “reports were mixed, as drought conditions and high input costs remained a challenge.”
Soybean futures extended Tuesday’s losses overnight, while corn traded lower for a fourth straight day. Wheat futures rebounded from Tuesday’s losses.
Corn, soybean and wheat futures faced solid selling pressure overnight and are near their session lows this morning.
Weekly export inspections for week ended Oct. 13 reported a notable figure for soybeans, however the current pace is falling considerably behind last year’s. Wheat inspections fell short, with corn just above low range.
Wheat futures traded higher to open the week amid global supply concerns, while soybeans softened and corn was caught in the middle.
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