Agriculture News
With no updates to the corn and soybean crop estimates this month, focus will be on changes to demand projections for 2021-22.
As of Nov. 30, 52% of U.S. winter wheat area was covered by drought conditions, up from 49% the previous week.
Wheat export sales were a marketing-year low. Corn and soybean sales were down sharply from the previous week but each topped 1 MMT.
Grain, soybean futures extended Wednesday’s corrective gains overnight.
U.S. net farm income is forecast to reach $116.8 billion in 2021, up $22.0 billion (23.2%) from 2020 with the 2020 result up $15.7 billion (19.9%) from 2019.
Corn and soybean basis continues the post-harvest rebound
Corn, soybean and wheat futures saw a round of corrective buying overnight after Tuesday’s sharp losses.
First Thing Today: Followthrough pressure overnight amid heightened risk aversion, month-end selling
Grain and soy complex futures were part of a broader selloff overnight.
The HRW CCI rating is 7.8 points below the five-year average, the SRW rating is 13.5 points under the end-of-fall norm.
Soybean inspections topped expectations at more than 2.1 MMT.
HRS and HRW futures led the rebound from last Friday’s sharp losses as concerns with the new Omicrop strain of Covid eased.