Agriculture News
The 90-day outlook calls for above-normal temps over most areas of the country, with “equal chances” of rainfall over most of the Corn Belt.
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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Weekly wheat sales reached a marketing-year high in week-ended Oct. 5, while soybean sales rose 31% on the week and were up 68% from the four-week average.
USDA’s October production and carryover figures were lower than pre-report estimates, though the most notable miss was the 4 MMT difference in new-crop global soybean carryover vs. expectations.
Uncertainties included difficulties estimating the state of financial markets, potential oil price shocks and the impact of labor union strikes on the economy, among other factors.
USDA reported weekly soybean inspections of 1.04 MMT, notably above the pre-report range.
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