Agriculture News
Soybeans led overnight losses, while corn and the winter wheat markets faced lighter selling.
USDA showed Oct. 1 Cattle on Feed in large (1,000+ head) feedlots population up 0.6% above year-ago, easily topping industry expectations.
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Corn and wheat futures firmed amid mild followthrough buying overnight, while soybeans pulled back a little.
Monthly survey finds most negative attitude since May 2020.
The 90-day forecast from the National Weather Service signals increased chances of above-normal precipitation across the eastern half of Kansas, along with most of Texas and Oklahoma through January.
USDA reported weekly soybean sales of 1.372 MMT during week ended Oct. 12, up 30% from the previous week and 92% from the four-week average. Corn and wheat sales were steady on the week.
Corn and wheat mildly favored the downside, while soybeans traded mostly higher in quiet, two-sided price action overnight.
Corn and soybean basis now just slightly weaker than average.
China’s economy grew 4.9% year on year in third quarter, beating estimates
Soybeans posted followthrough buying overnight, while corn and wheat rebounded from losses earlier this week.
Corn, soybean and wheat futures again held in tight trading ranges during the overnight session.
Soybean export inspections during week ended Oct. 12 rose over 600,000 MT from the previous week, notably exceeding pre-report estimates. Meanwhile, corn inspections fell short of the expected range.
Short-term trend flips from bearish to sideways for soymeal.
Corn, soybeans and wheat held in relatively tight trading ranges during a quiet overnight session.
Iowa has entered the legal fray by challenging a recently enacted Massachusetts law that prohibits the sale of pork not meeting specific hog-confinement standards, according to the Iowa Capital Dispatch.
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Weekly wheat sales reached a marketing-year high in week-ended Oct. 5, while soybean sales rose 31% on the week and were up 68% from the four-week average.