Agriculture News
Fed officials signaled a cut to interest rates was still possible this year, despite the “no further progress” on inflation
Basis drops for corn and soybeans on the rollover to the July contracts.
Corn and soybeans faced mild followthrough selling during the overnight session. Wheat traded mostly lower overnight, though SRW wheat futures have firmed this morning.
Winter wheat markets and corn futures faced followthrough selling overnight, while soybeans mildly eased from Monday’s gains.
The HRW CCI rating is now 6.0 points under the final mark from last fall. The SRW CCI rating is 15.4 points above the final level ahead of dormancy.
USDA’s Animal and Plant Health Inspection Service (APHIS) updated requirements for dairy cattle as follows:
Weekly corn inspections during the week ended April 25 were down 435,000 MT from the previous week, which was revised 38,000 MT higher. Corn, wheat and soybean inspections were all within pre-report estimates.
Short-term trend turns bullish for wheat, soymeal and cattle futures.
Soybeans strengthened overnight, along with soymeal and soyoil, while corn traded in a tight range around unchanged and wheat was widely mixed.
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