Agriculture News
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.
The spring wheat CCI rating continued to decline.
USDA reported wheat inspections of 419,134 MT for week ended July 6, topping pre-report estimates, while corn inspections missed the respective range by nearly 160,000 MT.
Soy complex futures are expected to open sharply higher, with corn called firmer on spillover support.
Soybeans posted strong gains overnight, while corn and wheat followed to the upside. As
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Wheat futures are expected to lead losses in the grain and soy markets.
USDA reported weekly wheat sales of 405,800 MT for week ended June 29, while net corn sales rose 79% on the week to 251,700 MT. Soybean sales fell 17% week-over-week.
Wheat futures posted sharp losses during overnight trade, while corn and soybeans also traded lower.
Grain and soy futures are expected to open with a varied tone this morning.
Two-sided trade was seen in grain markets overnight, but prices have turned firmer with the exception of SRW wheat.
Soybean basis dropped sharply amid the surge in futures, but the average cash price still rose sharply.