Agriculture News
The corn and wheat markets are deepening earlier gains amid lower-than-expected U.S. and global corn ending stocks, while all wheat production was reported 30 million bu. short of the average trade estimate.
Corn and soybean inspections during week ended Dec. 7 declined 464,719 MT and 188,847 MT, respectively, while wheat inspections rose nearly 95,000 MT.
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Global carryover for corn and soybeans each surpassed pre-report expectations by 1.8 MMT and 1.5 MMT, respectively, largely neutralizing the lower-than-expected U.S. corn carryover.
Corn sales during week ended Nov. 30 totaled 1.3 MMT, while shipments reached a marketing-year high. Soymeal and soyoil shipments during the week also notched marketing-year highs.
November’s 12-point rise in the Current Conditions Index to a reading of 113 was primarily responsible for this month’s sentiment improvement as the Index of Future Expectations only improved by 2 points.
Weekly corn inspections during week ended Nov. 30 totaled 1.16 MMT, exceeding the pre-report range by nearly 260,000 MT, while wheat and soybean inspections each fell short of respective pre-report ranges.
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