Agriculture News
Soybeans and corn are under pressure to open the week, while wheat is firmer.
Short-term trends turn bullish for corn and soymeal.
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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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.
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.
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