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More than 40 cases of New World screwworm have been confirmed so far in November, making it the worst month for outbreaks since the pest first appeared in Texas earlier this year, Bloomberg reported, citing USDA data. Cases began accelerating in October, when NWS spread to Arizona for the first time. There have been a total of 128 animal cases, including two in wildlife, as well as six fly trap detections, according to a dashboard maintained by USDA’s Animal and Plant Health Inspection Service. There are currently 65 active cases, with the most recent detection being a horse in Otero County, New Mexico, on Wednesday.
Extreme heat in Texas when the fly first arrived created a “pretty hostile environment” for the pest, which doesn’t do well with temperatures above 100 degrees Fahrenheit, said Phillip Kaufmann, an entomology professor at Texas A&M. “We finally have started getting some cooler weather – not cold, but cooler weather here, and there has been an uptick in rain events, particularly over Arizona, New Mexico and west Texas,” he told Bloomberg. While the outbreak remains minuscule compared to infestations that neared 100,000 cases in 1972, the uptick has created concerns among some ranchers that the U.S. was too hasty to resume imports of feeder cattle from Mexico, where there are 1,500 active cases, the report said. USDA, meanwhile, has said it shifted its sterile-fly releases to the “areas of greatest need” in Arizona and New Mexico, though some releases continue in Texas.
Market recap: Corn futures failed to maintain traction after a Tuesday rally sparked by USDA’s production cut, while soybeans managed to build very modestly on a sharp rally inspired by an unexpected cut to ending stocks. Wheat futures found support on Russia-Ukraine fighting, despite continued peace talks. A strong dollar likely capped upside.
- December corn fell 1 cent to $4.48.
- January soybeans rose 2 ¾ cents to $12.30 ¾, with December soybean meal up $3.20 to $329.70 and December bean oil 111 points higher at 63.88 cents.
- December soft red winter wheat rose 6 ¾ cents to $5.99 ½, while December hard red winter wheat rose 5 ¼ cents to $6.39 ½ and December spring wheat gained 6 ¾ cents to $6.35 ½.
- December cotton lost 17 points to close at 78.52 cents.
- December live cattle fell $0.225 to finish at $218.975. January feeders rose $1.125 to $327.80.
- December lean hogs rose $0.225 to finish at $56.025.
Ukraine hits Russian port on Baltic… Ukraine confirmed Wednesday that it attacked oil infrastructure at the port of Ust-Luga, one of Russia’s big Baltic commodity export hubs, as Moscow and Kyiv continue to hold U.S.-mediated piece talks in Abu Dhabi, Bloomberg reported. The strikes caused an oil-product spill in the port area, according to Ukraine’s Security Service, and damaged a hydrocracking unit and an oil-product berth. Reports of the attack buoyed wheat futures, but gains were trimmed after there was no indication the port’s grain facilities were damaged. Bloomberg noted Ust-Luga has been handling a growing volume of grain as attacks in the Black Sea block flows from its main agricultural ports.
China books French wheat… At least two cargoes of French wheat and one from Argentina were booked for China last week, Bloomberg reported, citing people familiar with the matter. The purchase signals buying interest from a major buyer after a slump in prices that’s largely erased the war premium tied to Black Sea shipping disruptions. Bloomberg said Cofco International Ltd., the overseas trading arm of state-backed Cofco Corp., made the purchases last week. French wheat volumes are at least 120,000 tons, the report said, which would be the largest amount China imported from France since 2024.
Russia bagging grain… Farmers in Russia could store up to a third of the country’s grain exports this year in giant plastic vacuum bags as it looks for places to store crops due to disruptions caused by the Russia-Ukraine war, Reuters reported. Drone attacks on shipping facilities in the Black Sea and elsewhere have seen Russian grain exports fall by a third of normal volume. Consultancy IKAR has estimated that up to 20 million tons of excess grain needs storage.
Saudi oil output rebounds… Saudi Arabia’s oil production rebounded to near pre-war levels in October, with the kingdom finding ways to keep exports flowing despite escalating attacks on shipping and infrastructure, the Financial Times reported. Riyadh told OPEC that it produced 10.6 million barrels of crude a day last month, its highest level since the U.S. and Israel began the war against Iran at the end of February.
Colom projected to win in Mississippi… CNN projects that challenger Scott Colom will defeat Republican Sen. Cindy Hyde-Smith to become the first Democrat to be elected to the Senate in more than four decades. Colom would also be the Black person elected to statewide office in Mississippi since the Reconstruction era, the report noted. Colom’s win would give Democrats and Democrat-aligned independents 55 seats in the 100-seat Senate, a net pickup of eight seats in last week’s midterms. Alaska’s Senate race is yet to be called. Hyde-Smith is a member of the Senate Agriculture Committee and is chair of its Subcommittee on Commodities, Derivatives, Risk Management, and Trade. Colom, in his Senate campaign, said he would fight for a seat on the Senate ag panel.
Nvidia reportedly set to oust Huang… Nvidia’s board is preparing to remove CEO Jensen Huang following two extramarital affairs, including one with a suspected Chinese spy, the Wall Street Journal reported. Huang is seen by many as the face of the AI arms race that has driven equity market gains in recent years. The scandal has strained trade relations between Washington and Beijing and led to renewed calls for restrictions on sales of advanced chips to China. It’s also set to prompt inquiries from Democrats in the next Congress into potential national security breaches.
Bessent moved to military base… U.S. Treasury Secretary Scott Bessent was recently relocated from his Washington, D.C., home to a military base due to threats against his life linked to Iran, news reports said. Several Trump administration officials, including White House Chief of Staff Stephen Miller and former Homeland Security Secretary Kristi Noem have lived in military housing after facing security concerns, the Wall Street Journal noted.
Biofuel groups outraged by state exemption requests… Louisiana Gov. Jeff Landry and Alabama Gov. Kay Ivey have asked EPA to waive the 2027 Renewable Fuel Standard obligations for refiners in their states, arguing the mandate is pushing up what Americans pay for gasoline and diesel. The Renewable Fuels Association says the argument doesn’t hold up, and if granted, those waivers would actually raise gas prices, not lower them.
- In an interview with U.S. Farm Report, Troy Bredenkamp, RFA’s senior vice president of government and public affairs, says EPA should deny the request because the governors’ central claim, that the RFS is driving up gas prices, is “absurdly false on its face.” Wholesale ethanol is $1 per gallon cheaper than wholesale gasoline, he says, so cutting the blending requirement would not bring relief at the pump. Read: Biofuel Group Says ‘Asinine’ State Push to Cut Mandates Threatens Grain Demand