Agriculture News
Drought covers 80% of the U.S., with 74% of U.S. winter wheat area impacted.
Cash cattle price climbs to the highest since May 2015.
The CCI ratings for HRW and SRW are both well below the respective five-year averages.
Corn export inspections missed low-end expectations by nearly 100,000 MT, while wheat was just shy. Soybean export inspections were notable, but below last week’s figure by over 400,000 MT.
Chinese Covid protests rattle markets coming out of the holiday weekend.
Limited movement in short-term price trends during the holiday week.
Soybean export sales cooled off for week ended Nov. 17 after the previous week’s large 3 MMT figure. Corn export sales land at over 1.8 MMT, still on the low-end of expectations, with wheat short of top-end by 88 MT.
The HRW CCI rating remains far below average. SRW rating is slightly below average.
Export inspections for week ended Nov. 17 revealed soybeans and wheat near top-end expectations, while corn landed mid-range.
Short-term trend turns bullish for live cattle and lean hog futures.