Agriculture News
Nearby soymeal futures are mildly firmer this morning but failed to push above Monday’s highs overnight.
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.
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.