Agriculture News
Corn, soybeans and wheat faced heavy price pressure during the overnight session.
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All signs point toward a sharply lower open in grains this morning, though a series of daily soybean sales could somewhat limit buying in that market.
Corn, soybeans and SRW wheat extended Thursday’s losses overnight, while the HRW and HRS markets also weakened.
Grain and soy futures are expected to open mostly firmer this morning after favoring the upside in two-sided trade overnight.
USDA reported corn sales were up 33% on the week, while soybeans were up noticeably and up 73% from the four-week average. Weekly wheat sales rose 37% week-over-week, but were down 17% from the four-week average.
Corn, soybeans and wheat traded on both sides of unchanged overnight but have firmed early this morning.
Soybean basis is in line with the three-year average.
Crop conditions fall in corn, soybeans and spring wheat
Wheat inspections in week ended July 20 were up 85,621 MT from the previous week and above the pre-report range. Soybean inspections rose notably from the previous week, while corn fell 100,000 MT.
Cattle herd declined 2.7%; beef cows dropped 2.6%.
June placements unexpectedly increased from year-ago.
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Monthly survey finds rising optimism in 10-state ag economies.
The 90-day forecast suggests most of the key corn and soybean areas should see generally favorable conditions for August through October.
Grain and soy futures are expected to open daytime trade with a firmer tone as traders focus on weather and geopolitics.
USDA reported net soymeal sales of 272,500 MT for week ended July 13, which exceeded top-end pre-report estimates. Meanwhile, net wheat sales fell short of trade expectations.
Corn, soybeans and wheat traded on both sides of unchanged during the overnight session.