Agriculture News
Warm weather is likely to continue across most of the Midwest and Plains during October, according to updated weather maps from the Climate Prediction Center. The precipitation outlook for next month is less certain.
Find updates to our short-term, intermediate- and long-term trends for commodity and key outside markets below.
Soybean inspections were also quite light, though that has been the trend in recent months. Wheat inspections were solid, thanks in large part to more of the grain shipping out of the Pacific Northwest.
Corn, wheat and soybean markets are under pressure to start the week. Livestock futures are also favoring a softer tone.
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American Farm Bureau Federation Managing Director for Public Policy Ryan Yates told Chip Flory on AgriTalk, “I don’t know how I can be more clear. This creates a new tax on hardworking farmers and ranchers.”
The department’s higher soybean crop estimate was in line with expectations, but its cotton production estimate came in quite a bit higher than the market anticipated.
China accounted for more than half the 453,000 RB in 2021-22 crop sales.
Brazilian government statistics agency now estimates Brazil’s total corn crop at 85.75 MMT, a 901,000-MT decline from its August production estimate and a 16.4% retreat from 2019-20.
The national average soybean basis turned negative for the first time since late January.