Agriculture News
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.
Expectations for the future jumped, while current conditions were unchanged.
Corn and winter wheat futures are likely to open lower, with soybeans expected to favor the upside.
Forecasts call for multiple rain chances for the Plains and Midwest into mid-July, with central and southern areas expected to be the wettest.
Soybean and spring wheat CCI ratings continue to drop.
Soybeans extended Friday’s strong gains but came well off the highs into the close. Corn and wheat failed to maintain earlier corrective gains.
The soybean markets continues to react to last Friday’s bullish Acreage Report.
Soybean futures aggressively extended Friday’s price rally during overnight trade. Corn followed to the upside, while wheat traded mixed.