Agriculture News
Grain and soy futures are being supported by concerns with U.S. weather and Black Sea grain supplies.
Grain and soy markets are expected to open higher on support from concerns with U.S. weather and Black Sea grain supplies.
Farmers National Company sites cooling in farmland market.
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Grain futures are expected to open firmer this morning as traders watch weather and uncertainty with the Black Sea grain deal.
Corn, soybean and wheat futures traded on both sides of unchanged during the overnight session but have firmed and are near their highs this morning.
The World Board cut the corn yield projection due to extreme dryness through June. The soybean yield was left unchanged.
Soy complex futures are expected to lead a corrective rebound.
USDA reported net corn sales of 468,400 MT for 2022-23 and 470,800 MT for 2023-24, notably exceeding pre-report estimates.
Soybeans led a corrective rebound in the grain and soy markets overnight.
Corn and soybean basis are now both below the three-year averages.
USDA’s new-crop ending stocks forecasts for soybeans and wheat came in much higher than expected. The wheat crop estimate was also bigger than anticipated.
In its July WASDE, USDA slashed the corn yield by 4 bu., which put 2023-24 ending stocks near pre-report estimates. Its soybean yield projection was unchanged, leaving ending stocks well above pre-report estimates.
Soybeans are expected to trade sharply higher as traders prepare for what’s anticipated to be bullish changes to USDA’s new-crop balance sheet.
Soybean futures extended this week’s gains ahead of USDA’s reports during overnight trade. Corn followed to the upside, while wheat traded mostly lower.
Grain and soy futures are expected to open solidly higher after moderate to strong gains overnight.
Corn, soybean and spring wheat futures firmed amid followthrough buying overnight, while the winter wheat markets posted corrective gains.