Agriculture News
Winter wheat futures surged to new contract highs overnight, while spring wheat sharply rebounded from last week’s losses amid tight global supplies of high-quality wheat.
Wheat futures led gains, pushing above yesterday’s highs, while corn and soybean futures did not clear Tuesday’s highs.
Soybean basis firmed 3 cents, while corn basis improved 5 1/4 cents.
October 2020 placements were unusually light and October 2021 had one less slaughter day than year-ago.
Soybeans led the overnight price rebound from Tuesday’s losses.
Nearby soymeal futures are mildly firmer this morning but failed to push above Monday’s highs overnight.
Federal Reserve Bank of Chicago notes strong farm incomes have translated into an 18% jump in farmland values.
The HRW CCI rating is still 9.0 points below the five-year average for mid-November, while the SRW rating is 4.9 points above average.
Third quarter bank survey finds rocketing land values, banker optimism
Soybean inspections were still in the middle of pre-report expectations at more than 2 MMT, while corn and wheat shipments topped expectations.