Agriculture News
Corn, soybeans and wheat firmed amid mild corrective buying during overnight trade.
A USMCA trade dispute settlement panel rejected a complaint filed by the United States against Canada pertaining to Ottawa’s alleged improper limitation of access to its dairy market.
No overnight grain trade. Grain and livestock markets open at 8:30 a.m. CT for an abbreviated session until 12:05 p.m. CT.
Basis slips a little for corn and soybeans; both weaker than average.
Third quarter banker survey notes declining incomes, still low loan demand and rising farmland values.
USDA’s Weekly export inspections data showed corn, soybean and wheat inspections within pre-report ranges, though soybean inspections are increasingly falling behind year-ago.
The report data was virtually inline with expectations, which should have little impact on prices Monday.
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Grain markets are expected to open weaker this morning after price pressure overnight.
Corn futures were unable to generate followthrough buying overnight after Thursday’s gains, while the soybean and wheat markets extended yesterday’s declines.
The 90-day forecast from the National Weather Service signals increased chances of above-normal precipitation across most of the key HRW production areas of the Central and Southern Plains through February.
The two-step continuing resolution is expected to clear the Senate, pushing the deadline for a full spending measure to January or February.
Weekly corn sales in week ended Nov. 9 totaled 1.8 MMT, topping expectations by over 250,000 MT, while soybean sales totaled 3.9 MMT.
Corn, soybeans and wheat faced followthrough selling to Wednesday’s losses during the overnight session.
Soybeans and soymeal led price gains overnight after high-range closes on Tuesday. Corn and wheat followed to the upside.
Soybeans and soymeal led a pullback from Monday’s gains during the overnight session, while corn and wheat saw lighter price pressure.
Both crops remain well above last year’s levels.