Agriculture News
Commodity markets faced pressure overnight on renewed macroeconomic concerns amid new Covid outbreaks in China with grain and soy futures pressured by the broad-based selling.
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Wheat futures followed the European market higher overnight, with December HRS wheat scoring a new contract high.
Monthly survey finds bankers turning pessimistic for 2022.
The U.S. Drought Monitor as of Oct. 19 showed some drought improvement in areas of the Southern Plains, but there were areas in West Texas that saw a one-category degradation in drought conditions during the week.
Above-normal temps are expected across the entire Southern and Central Plains for November through January, with below-normal precip over much of Oklahoma and all of Texas.
China was the lead buyer of U.S. soybeans on the week at nearly 1.9 MMT.
Soybean led the price pullback overnight after recent, strong gains.
Corn and soybean basis both slipped as harvest continues to progress faster than normal and yields are big.
The report is expected to show larger placements again for September.