Agriculture News
USDA’s Nov. WASDE and production updates yielded increases in corn and bean production; however, corn carryout fell short of expectations while soybean carryout was pegged 8 million bu. higher than the average estimate.
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Corn, soybean and wheat futures firmed overnight amid corrective buying as outside markets provided support.
Our updated monthly and quarterly price forecasts, including the first look at Q2 2023.
“Extreme” or “exceptional” drought now covers 59% of Kansas, including virtually all of the southern half of the state and many of the western counties.
Weekly export sales for week ended Oct. 27 reported corn, soybeans, and wheat on the lower end of estimated ranges. Soybeans export sales remain marginally ahead of last year, while corn persistently lags by over 50%.
Corn and wheat futures faced followthrough selling overnight, while soybeans gave back more than they gained on Wednesday.
Corn and soybean basis continues seasonal recovery from harvest lows.
Powell’s comments seemed to walk back the more dovish tone in the post-meeting statement.
Wheat futures led a sharp drop in prices early this morning as news of Russia resuming its participation in the Black Sea grain export initiative hit markets.
Soybeans built on Monday’s gains during overnight trade, while the corn and wheat markets pulled back amid corrective selling.