Agriculture News
The NWS forecast calls for above-normal temps and below-normal precip over most of the Southern Plains from December through February.
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.
Soybeans are mildly higher with corn futures lower and wheat futures mixed to start the week. Livestock futures are under slight pressure.
Recent price strength has also turn the short-term trend up for soybean meal and intermediate trend sideways.
The strength in soymeal failed to trigger overnight buying in soybean or corn futures.
Access this week’s newsletter here.
Export sales for all three were within expectations, with corn sales of nearly 1.1 MMT and soybean sales of almost 1.3 MMT.
Two-sided price action was seen in corn and wheat futures overnight, while soybeans were firmer for much of the session, but all three are weaker this morning.