Big price rebound for cotton following USDA's much smaller-than-expected crop estimate on Aug. 12.
Sixteen auctions in a month saw new records posted in price per productivity index point.
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Soybean futures extended their corrective gains from the two previous days overnight, which helped support corn. Wheat futures held in a tight range in narrowly mixed trade.
Our updated monthly and quarterly price forecasts.
As of Nov. 30, 52% of U.S. winter wheat area was covered by drought conditions, up from 49% the previous week.
Wheat export sales were a marketing-year low. Corn and soybean sales were down sharply from the previous week but each topped 1 MMT.
Grain, soybean futures extended Wednesday’s corrective gains overnight.
U.S. net farm income is forecast to reach $116.8 billion in 2021, up $22.0 billion (23.2%) from 2020 with the 2020 result up $15.7 billion (19.9%) from 2019.