The news ushered in a round of profit-taking in today’s trading session after prices touched a six-week high. Speculation over the past few weeks about China potential easing its “zero-COVID” policy was met with resistance by Beijing today when the government affirmed it was not going to scale back the zero-COVID policy. Despite some optimistic news in this morning’s export inspections report from USDA, the market was overshadowed by worries about Chinese demand as another round of COVID lockdowns ensues. Soybean prices wavered early this morning but ultimately ended today’s trading session $0.08-$0.13/bushel lower. The trade had been anticipating a range between 11.8 million - 23.6 million bushels for the weekly estimate, so actual results were a bearish signal for corn prices during today’s trading session. Volumes dipped 48% from the previous week to 9.1 million bushels through the week ending November 3. Elevators have plentiful supplies right now, so farmers are more likely to gain financially by waiting until after the new year to book new cash sales.Ĭorn export volumes had a lackluster showing in today’s Export Inspections report from USDA. It’s likely a smart move - end users have more pricing power this fall as the export market continues to drag behind historical paces. Merchandisers across the Heartland attempted to lure more bushels out of storage with the stronger basis offerings as many farmers are unlikely to book any further sales until 2023 for both tax and pricing reasons. Basis edged lower on the Mississippi River, where cash bids continue to trade at a steep discount to nearby futures prices. Weak export data and a strong dollar limited demand prospects.Ĭash bids were mixed at elevator locations in the Eastern Corn Belt today, though basis offerings at processors and ethanol plants firmed. Technical selling ensued today after the Dec22 contract dropped below the 50-day moving average to a two-and-a-half week low. Thanks! -JHĬorn prices closed down just over a nickel today, with December 2022 futures ending at the $6.7575/bushel benchmark. So be sure to drop any insights you’d like to share with us from the 2022 season at this link and I will share them on our map as well as in my columns as harvest season winds down. Responses are starting to slow as many growers are wrapping up for the year, so our time together in FFTF this growing season will also come to an end in the upcoming weeks. My latest FFTF column is live on our site! Soybean harvest is rapidly coming to a close across the country and more and more FFTF respondents are reporting corn harvest as complete. I review and upload results daily to the FFTF Google MyMap, so farmers can see others’ responses from across the country - or even across the county! I’ll feature highlights from those estimates in tomorrow morning’s report, so stay tuned for that!įeedback from the Field updates - last weeks of the season! How is harvest progressing on your farm this fall?! Click this link to take the survey and share updates about your farm’s harvest progress. Soybeans fall on Chinese demand concernsGood afternoon! USDA released their updated Agricultural Baseline production estimates just as I was finishing up the afternoon report.
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