Agriculture News
Fed officials signaled a cut to interest rates was still possible this year, despite the “no further progress” on inflation
Weekly corn sales in week ended Nov. 9 totaled 1.8 MMT, topping expectations by over 250,000 MT, while soybean sales totaled 3.9 MMT.
Both crops remain well above last year’s levels.
Weekly soybean inspections in week ended Nov. 9 fell 516,368 MT from the previous week and were shy of the pre-report range of 1.75 to 2.25 MMT.
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Federal Reserve Bank of Chicago cites survey results from ag bankers.
USDA increased corn yield to 174.9 bu. per acre, bringing production to 15.234 billion bu. Meanwhile, soybean yield was pegged at 49.9 bu., up 0.3 bu. from last month.
Corn sales during week ended Nov. 2 totaled 1.015 MMT for 2023-24, up 36% from the previous week and 4% from the four-week average.
Higher-than-expected corn and soybean yields in some Corn Belt locations, along with a modest rally in corn prices, contributed to this month’s rise in farmer sentiment.
Both crops remain well above year-ago levels.