Agriculture News
USDA reported inspections for corn, soybeans and wheat within trade expectations. Corn inspections remain steadily ahead of year-ago, while soybeans went from notably trailing year-ago to running ahead.
Nov. 1 feedlot inventories down 2.0%, signaling tight beef supplies.
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Monthly Rural Mainstreet Index negative for sixth consecutive month.
Weekly soybean export sales for week ended Nov. 10 almost double top-end expectations of 1.7 MMT, while corn sales of nearly 1.2 MMT proved shy of top-end estimates by 230 MT.
The extended forecast wouldn’t be overly optimistic for significant improvement to HRW wheat conditions. However, SRW wheat areas should see relatively favorable winter weather.
The area of winter wheat USDA estimated to be in drought conditions increased 1 percentage point to 75%.
Deal is extended for 120 days from Nov. 18 with no changes.
Both crops are still rated below their respective five-year averages, especially HRW.
Weekly export inspections for week ended Nov. 10 showed soybean inspections missing expectations by over 142 MMT, with wheat also short nearly 24 MMT. Corn inspections were notable at 484 MMT, near top end expectations.
