Agriculture News
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.
Soybean futures are under light pressure with corn and wheat mixed. Livestock futures are lower to start the week with hog futures holding just above last week’s lows.
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Corn and soybean export sales were near the middle of the range of pre-report estimates.
Several storms traversed these regions over the past week, helping to counter unseasonable warmth.
Boxed beef prices continue to fall and are nearing the summer low.
Initial tapering efforts will likely include cutting $10 billion a month in Treasury buys and $5 billion a month in mortgage-backed securities purchases.
On the other hand, its cotton production and carryover forecasts dropped more than analysts anticipated.
Corn and wheat inspections were in the lower half of analysts’ expectations and down from the week ending Sept. 30, with exporters focusing on soybean shipments as Louisiana ports reopen.