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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.

SRW wheat futures trade near nine-year highs to start week, corn, soybeans slightly lower.

Union: New offer has modest modifications to offer voted down Nov. 2; Vote Wed.