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Corn, soybeans and wheat futures slip overnight on profit-taking pressure, soymeal extends gains.
President Biden met with his Chinese counterpart, Cordonnier holds Brazilian crop estimates steady and the opinions of traders differ with IEA on oil price...
Nearby soymeal futures are mildly firmer this morning but failed to push above Monday’s highs overnight.
Soymeal futures surge to four-month high, lifting soybeans, winter wheat extends rally to multi-year highs.
Federal Reserve Bank of Chicago notes strong farm incomes have translated into an 18% jump in farmland values.
The HRW CCI rating is still 9.0 points below the five-year average for mid-November, while the SRW rating is 4.9 points above average.
Third quarter bank survey finds rocketing land values, banker optimism
Soybean inspections were still in the middle of pre-report expectations at more than 2 MMT, while corn and wheat shipments topped expectations.
The Bipartisan Infrastructure Framework is scheduled to be signed by President Biden this afternoon. The Build Back Better plan has a way to go, but the White House hopes to have it approved as late as this weekend.
SRW wheat futures extend rally to nine-year highs on tighter global supply outlook, corn and soybeans also higher.