Agriculture News
Weekly wheat sales, short of pre-report estimates, were down 24% from the previous week, while corn and soybeans were down 45% and 27%, respectively.
Soybeans traded sharply higher overnight, while corn and most wheat contracts posted milder gains.
Soybean basis weakened on the rollover to the January contract but the cash price firmed.
Fed Chair Jerome Powell left the door open for more rate hikes if needed, but noted ‘risk are now more two-side.’
Corn, soybeans and wheat held in relatively tight trading ranges during two-sided trade overnight.
Corn, soybeans and wheat held in tight trading ranges in light trade overnight.
Initial CCI ratings show wide variance between HRW and SRW.
During week ended Oct. 26, corn inspections rose 82,225 MT, while soybean inspections fell 735,466 MT from the previous week.
Soybeans have firmed this morning, while corn and wheat adopted a weaker tone following two-sided trade overnight.
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Soybeans recouped most of their losses the two previous days during overnight trade, while corn also traded to the upside and wheat had a varied tone.
Corn, soybeans and wheat are expected to open mildly firmer this morning.
Weekly corn sales during week ended Oct. 19 totaled 1.351 MMT, which topped pre-report expectations, while soybean sales totaled 1.378 MMT.
Grain markets traded on both sides of unchanged overnight, with beans and wheat mildly favoring the upside this morning.
Soybean basis firmed over the past week and is now in line with the three-year average.
Beef stocks climbed more than average during September, largely because the previous month’s figure was revised down 15.1 million pounds. Sept. pork stocks dropped, whereas there is normally a small buildup in supplies.
Iowa’s farmland values, which saw consecutive record-breaking increases for two years, are now showing signs of cooling, though they remain near historic highs.
Grain and soy markets are expected to open mostly lower in quiet trade.