Agriculture News
December HRW and December HRS futures posted new contract highs overnight.
USDA’s Cold Storage Report showed beef stocks increased a little more than is typical during September, while the build in pork stocks was a little shy of normal.
Report should be supportive for futures, especially deferred live cattle.
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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.