Corn, soybeans and wheat each faced mild price pressure in a relatively quiet overnight session. Trade so far this week has been largely positioning ahead of Thursday’s USDA reports.
State-level winter wheat condition ratings signaled more general improvement in the HRW crop over the past month, despite a minor downtick in top producer Kansas.
Corn inspections during the week ended March 21 totaled 1.228 MMT, down nearly 100,000 MT on the week but more than double the same week a year-ago. Meanwhile, soybean inspections rose 68,000 MT on the week.
Corn traded in a tight range overnight while soybeans and wheat favored the upside. Volatility is likely to remain limited in corn until Thursday’s USDA reports.
Weekly wheat sales were reported at (109,600) MT for the week ended March 14, which were down noticeably from the previous week. Corn and soybean sales were as expected.
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Weekly wheat and soybean inspections during the week ended March 14 fell 164,665 MT and 98,672 MT, respectively, from the previous week. Meanwhile, corn inspections rose nearly 73,000 MT.