After yesterday’s pause, grain markets shot higher today and pulled the soy complex along for the ride. The weather remains a focus with fund short covering and commercial hedge buying contributing to the rally. While the fundamentals (as most recently reported by USDA) remain bearish, the market is beginning to take a risk-on approach to pricing, and weather premia are being added. The weekly export sales report was largely uninteresting to the market and featured lackluster wheat exports. Corn and soybean shipments were below their values needed to keep pace with USDA’s projections. Overall, exports continue to be a bearish weight on the market.
Outside the grains complex, USDA said it will soon start testing...
What You Need to Know Today: After a period of limited activity, USDA reported a sizeable 613 KMT in soybean export sales, including 330 KMT to China and 283 KMT to unknown destinations, potentially also China. The purchases represent a meaningful pickup in demand and bring China closer to ful...
Key Takeaways: Consumer spending is a key driver of the U.S. economy, and the latest retail sales data indicate that spending remains robust despite inflation. In September, total retail and food service sales rose more than 6 percent year-over-year, with food service spending up 7 percent and...
The Trump import plan for 300,000 MT of beef supplies used for ground beef, i.e., lean trim, from September through November has, according to Secretary Brooke Rollins, brought some relief to beef prices. The Executive Order states that the Secretary of Agriculture will analyze and review the m...
