Agriculture News
There were “targeted improvements in the Southern Plains,” though none of that came in the major HRW wheat production states.
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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Corn and wheat are expected to trade lower, with soybeans likely to favor the upside.
Weekly export sales through week ended Oct. 6 revealed corn below expectations for the second straight week, with beans, wheat on the low end of pre-report estimates. However, bean sales continue to outpace last year.
Markets reversed their price trends from Thursday in overnight trade, as corn and wheat pulled back while soybeans firmed.
Cash soybean prices continue to fall amid river transportation issues.
As of Oct. 11, 82% of the U.S. was experiencing abnormal dryness/drought, up five points from the previous week. Drought coverage increased in the PNW, Plains, Ohio River Valley and Southeast.
Soybean futures pulled back overnight from their strong gains Wednesday, while wheat traded mildly higher after yesterday’s losses. Corn posted two-sided trade.
Basis for corn and soybeans continues to decline amid increased harvest and low water levels on the Mississippi River.
USDA’s 2022-23 ending stocks forecasts came in higher than expected for corn and wheat, while projected carryover was lower than traders anticipated.