Agriculture News
Short-term trends turn bearish for corn, soybeans and wheat.
Soybean futures were pressured overnight by weekend rainfall across the Corn Belt, while wheat rallied amid mounting tensions in the Black Sea. Corn was caught in the middle and traded on both sides of unchanged.
USDA’s annual survey finds 8.1% gain in average cropland values
Access this week’s newsletter here.
Grain and soy futures are expected to open solidly higher amid increased geopolitical tensions.
Corn, soybeans and wheat traded sharply higher overnight amid rising geopolitical tensions after Ukraine attacked a major Russian Black Sea port.
Our monthly and quarterly price forecasts, including the first projections for the first quarter of 2024.
Soybeans are expected to see modest corrective buying amid strong new-crop export sales. Corn and wheat are expected to trade mostly lower.
Old-crop weekly soybean sales faded on the week, while new-crop sales rose steadily amid a recent uptick in purchases. Meanwhile, old-crop corn sales were shy of the pre-report range, while wheat sales rose notably.
Corn, soybeans and wheat initially extended Wednesday’s losses overnight but some contracts have firmed amid mild corrective buying early this morning.
Basis remains positive for both corn and soybeans, though below the respective three-year averages.
Corn and wheat futures are expected to open higher amid Black Sea supply concerns after Russia attacked a Ukrainian port on the Danube River. Soybeans are expected to open lower on forecasts for improved weather.
Corn and wheat futures posted corrective gains overnight after Russia attacked a key Ukrainian port but have come well off their highs this morning. Soybeans initially traded higher but have weakened.
This month’s rise was primarily the result of farmers’ improved perception of current conditions on their farms.
Grain and soy futures are expected to open with a varied tone today. Price direction will largely be determined by money flow to start the new month.
Corn, soybeans and wheat traded on both sides of unchanged while holding in relatively tight ranges during the overnight session.
The spring wheat CCI rating was the lowest of the growing season; the corn and soybean crops were still above their early July ratings.
Weekly wheat inspections in week ended July 27 rose 220,413 MT from the previous week, topping the pre-report range. Shipments are now running 4.8% behind a year ago, compared to 16.9% last week.
Grain and soy futures are expected to open sharply lower this morning after heavy selling pressure overnight.