Agriculture News
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.
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.