Agriculture News
Corn, soybean and wheat futures firmed overnight amid corrective buying as outside markets provided support.
The SRW CCI rating was also well below average for the end of October.
Weekly export inspections for week ended Oct. 27 were delayed this morning due to technical issues, but revealed figures for corn, soybeans, and wheat all within expected ranges with soybeans near the top end.
Wheat futures led strong overnight price gains in reaction to Russia’s temporary suspension of the Ukraine grain export deal over the weekend.
Access this week’s newsletter here.
Grain and soy complex futures were pressured overnight by outside markets and concerns about demand.
Average cash steer price rises to the highest since 2015.
As of Oct. 25, 84% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, including 74% of winter wheat areas.
Weekly export sales for week ended Oct. 20 revealed a continuance of lackluster corn export sales, while soybeans remain steady, maintaining a pace slightly ahead of last year. Wheat topped expectations by over 80 MT.
Wheat futures built on Wednesday’s gains overnight amid global supply worries, while the corn and soybean markets followed to the upside.