Agriculture News
USDA estimates the U.S. hog herd at 74.201 million head as of Dec. 1, down 3.111 million head (4.0%) from last year.
USDA estimates there were 11.985 million head of cattle in large feedlots (1,000-plus head) as of Dec. 1, down 51,000 head (0.4%) from both year-ago and the average pre-report estimate.
U.S. Drought Monitor shows 58% of the U.S. winter wheat crop area is covered by drought conditions as of Dec. 21.
Beef stocks rose contra-seasonally in November. Pork stocks declined, as is normal, but not nearly as much as the five-year average.
Soymeal and soyoil export sales came in above expectations.
Grain and soy futures posted light, two-sided trade overnight in thin pre-holiday price action.
EPA is currently evaluating the use of dicamba and whether it can be sprayed on GMO cotton and soybean plants with resistance to the chemical.
Soybean futures extended Tuesday’s strong rally overnight, while old-crop corn futures finally topped the $6 level after nearly two months of trying to get above that psychological mark.
Cash soybean meal prices surge above $400 but are still slightly below year-ago.