Agriculture News
USDA reported weekly corn sales of 1.8 MMT during week ended Sept. 28, increasing export commitments to nearly 9% ahead of last year.
As of Dec. 13, 78% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, seven points below the peak at the beginning of November.
Fed officials projected the federal funds rate will rise to 5.1% by the end of 2023, up from 4.6% projected in September.
Weekly export inspections for Dec. 8, revealed corn and wheat on the shallow-end of expectations, while soybeans proved mid-range. Each were notably lower than the previous week’s data.
Short-term trend turns sideways for lean hog futures.
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Corn ending stocks landed on the higher end of pre-report expectations due to a reduction in exports, while soybean ending stocks were unchanged. However, corn world ending stocks proved short of pre-report estimates.
As of Dec. 6, 79% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, down one percentage point from the previous week.
The Current Conditions Index declined 3 points to a reading of 98, while the Future Expectations Index increased 2 points to a reading of 104.
Wheat export inspections for week ended Dec. 1 proved solid, topping expectations by nearly 35 MT, and up over 50 MT from the previous week. Corn inspections were mid-range, and up by almost 213,000 MT week over week.
Weekly export sales for week ended Nov. 24 revealed wheat missing low end expectations by over 140,000 MT, while corn and bean sales landed just above their respective low-end estimates.