Agriculture News
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.
Oklahoma saw the most drought improvement, with coverage in the state declining five percentage points over the past week.
Ethanol prices surge above $3, more than double last year’s level.
Government offices are closed for the federal Veterans Day holiday. Markets are open.
Soybean basis firmed 6 1/4 cents over the past week to a penny above January futures.
The surge in consumer prices came a day after data showed producer prices also jumped sharply in October.
Corn futures extended their gains but failed to clear yesterday’s highs. Wheat futures were mostly firmer overnight
Projected U.S. ending soybean stocks up less than expected.
USDA lowered its soybean crop by 23 million bu., whereas traders expected a 36-million-bu. increase.
Spring wheat futures led overnight gains in light trade ahead of USDA’s November crop reports later this morning.
The HRW rating is well below the five-year average, while the SRW rating is still above its norm for early November.