Agriculture News
Grain markets traded in relatively narrow ranges overnight as soybeans modestly firmed, while corn and wheat declined.
Average cash hog price falls below $100 for the first time in six weeks.
Corn and soybean basis is stronger than the respective three-year averages.
Grain and soy markets are expected to open modestly firmer amid corrective buying.
Corn, soybeans and wheat regained a portion of Tuesday’s losses during overnight trade.
Corn, soybeans and wheat are expected to open lower this morning after overnight price pressure.
Corn and soybeans traded lower overnight after USDA raised crop condition ratings more than anticipated Monday afternoon. Wheat faced followthrough selling amid a lack of supportive news.
The corn CCI is now above year-ago, while the soybean rating is virtually equal to last year at this time.
Weekly wheat inspections dropped by over 100,000 MT from the previous week and were over 90,000 MT short of the pre-report range. Meanwhile, corn and soybean inspections rose slightly from the previous week.
Soybeans are expected to open firmer, while corn and wheat are called lower.
Soybeans recouped Friday’s losses during overnight trade. Corn and wheat failed to sustain early buyer interest overnight and are lower this morning.
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Markets had a muted response to the data aside from a big jump in cotton.
USDA cut corn yield by 2.4 bu. to 175.1, while soybean yield was lowered by 1.1 bu. to 50.9 bu. per acre. Soybean ending stocks were pegged at 245 million bu., less than the avg pre-report estimate, while corn was above.
Light price action is expected in the grain and soy markets this morning ahead of USDA’s August crop reports.
Corn, soybeans and wheat traded in relatively tight ranges during the overnight session as traders awaited USDA’s August crop reports later this morning.
Kansas City Federal Reserve Bank finds continuing strong demand for farmland despite declining profit margins.
Quarterly survey finds strong financial conditions in rural ag banks.
Weekly export sales data showed net new crop corn sales totaled 758,400 MT in week ended Aug 3, while new crop soybeans sales totaled nearly 1.1 MMT.