Agriculture News
As of Nov. 30, 52% of U.S. winter wheat area was covered by drought conditions, up from 49% the previous week.
HRS and HRW futures led the rebound from last Friday’s sharp losses as concerns with the new Omicrop strain of Covid eased.
Concerns about a new, heavily mutated variant of Covid-19 produced high anxiety among traders overnight, as global stock markets and oil prices plunged, while bonds surged (yields dropped) amid heavy risk-off trade.
Soybean export sales were within the range of pre-report estimates.
Grain and soy markets are trading higher and high-range this morning, led by HRW wheat contracts.
U.S. will release 50 million barrels of oil in a coordinated effort along with releases from strategic reserves by China, India, South Korea, Japan and Great Britain.
The SRW CCI rating is now below the five-year average for the first time this fall.
Wheat inspections were below expectations, while corn and soybean figures fell within the range of pre-report estimates.
Below, you’ll find an update to our short-term, intermediate- and long-term trends for commodity and key outside markets.