Agriculture News
Weekly soybean inspections during the week ended Nov. 21 fell 164,413 MT from the previous week but were still notable at 2.1 MMT. Meanwhile, corn and wheat inspections each rose on the week.
USDA estimated 40% of the U.S. winter wheat crop was experiencing D1-D4 drought conditions, down 3 points from last week and one point less than last year at this time.
Net soybean sales during the week ended Nov. 14 rose 20% from the previous week and topped analysts’ expectations by 260,000 MT. Meanwhile, cotton sales during the week rose solidly to a marketing-year high.
Corn and wheat futures modestly built on Wednesday’s gains during overnight trade, while soybeans rebounded from losses.
Survey finds financial conditions weakest in crop areas
Corn and soybean basis firmed while cash prices dropped.
Corn, soybeans and wheat were pressured overnight by a stronger U.S. dollar and a lack of supportive news.
Corn and wheat futures mildly extended Monday’s gains during overnight trade, while soybeans failed to find sustained followthrough buying.
HRW improvement was driven by gains in Kansas, Oklahoma and Texas.
Weekly wheat inspections during the week ended Nov. 14 declined 157,000 MT from the previous week and missed analysts’ pre-report range by more than 100,000 MT. Corn and soybean inspections were within expectations.
Corn and soybean futures are under pressure as wheat futures firm. Catt;e futures are mixed with lean hogs higher...