Agriculture News
Corn futures extended their gains but failed to clear yesterday’s highs. Wheat futures were mostly firmer overnight
Grain and soy complex futures posted quiet, two-sided trade overnight as traders start to prepare for Tuesday’s November crop reports from USDA.
Projections of note for the 2022-23 marketing year.
The bigger crop estimate is expected to increase the 2021-22 bean ending stocks projection. But traders see corn carryover declining a little, as ethanol use is likely to rise.
Beef exports to China are up more than 700% this year, while pork shipments are down 37%.
Access this week’s newsletter here.
Corn and wheat futures are posting mild corrective gains early this morning.
Our updated monthly and quarterly forecasts, including the first outlook for second quarter 2022.
USDA says 43% of U.S. winter wheat areas are experiencing drought conditions, unchanged from the previous week.
Soybean sales totaled nearly 1.9 MMT, while corn sales topped 1.2 MMT.
As was widely expected, the Federal Reserve will begin dialing back its asset purchases by $15 billion per month, starting later in November.