Agriculture News
In its September WASDE, USDA increased planted corn acres, offsetting the reduction in yield to 173.8 bu. per acre, down from 175.1 in August. Soybean planted acres rose slightly, while the yield was trimmed to 50.1 bpa.
Corn, soybeans and the winter wheat markets have turned weaker this morning after two-sided trade earlier in the overnight session.
Both crops continue to be rated under year-ago.
Weekly new-crop corn inspections have kicked the marketing year off ahead of last year at this time by over 4%, while soybean inspections lagged by over 21% in week ended Sept. 7.
Corn and soybean futures mildly favored the upside in light trade overnight, while wheat posted modest losses.
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Corn, soybean and wheat futures held in tight trading ranges during a quiet overnight session.
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Corn, soybeans and wheat held in tight trading ranges during a quiet, two-sided overnight session.
Corn and soybean basis drops sharply as harvest gets an early start in some areas.
Corn and soybeans were supported by deteriorating crop condition ratings during overnight trade, while wheat also traded higher.
Illinois led the ratings declines, though most of the top production states dropped.
USDA’s Weekly Export Inspections data was within pre-report estimates, though corn and wheat inspections fell notably on the week, while soybean inspections rose slightly.
The Current Conditions Index fell 10.7% in August, while the Future Expectations Index declined 4.0%. The overall ag barometer was 1.7% lower than August 2022.
Corn and soybeans are expected to open with a weaker tone coming out of the holiday weekend, while wheat is likely to be mixed.
Corn, soybeans and wheat held in relatively tight ranges in two-sided trade overnight.
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Grain and soy futures are expected to open with a firmer tone to start the new month after corrective gains overnight.