Agriculture News
The U.S. Drought Monitor shows much of HRW areas are covered by dryness/drought, while virtually no abnormally dry conditions and no drought are noted across the SRW states
Soybean inspections slowed from the previous week but were about as expected.
Soybeans are leading gains in the grain markets with livestock futures also higher to start the week.
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.