Agriculture News
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Corn plantings greatly topped expectations, while soybean acres fell well shy of the pre-report estimate.
USDA reported over 94 million corn acres, which is over 2 million above pre-report estimates, while soybean acres were pegged at 83.505 million acres, over 4 million acres below the average pre-report estimate.
Grain and soy futures are expected to trade higher this morning on followthrough corrective buying after strength overnight.
The U.S. cattle herd was 0.1% bigger than year-ago as of June 1, whereas traders expected a 0.7% decline.
Corn, soybean and wheat futures firmed amid corrective buying during the overnight session as traders await USDA’s reports later this morning.
Drought now covers 70% of corn areas and 63% of soybeans.
Corn, soybean and winter wheat futures are expected to open mildly weaker, though selling should be more subdued than price action over the past week.
USDA’s weekly export data for week ended June 22, showed net sales for corn, soybeans and wheat within their respective ranges, but near low-end expectations.
Corn, soybeans and wheat posted two-sided trade overnight as markets calmed from recent volatile price action.
Cash corn and soybean prices plunge amid sharp declines in futures.
Grain and soy futures are expected to open sharply lower after active followthrough selling overnight.
Soybeans, wheat and new-crop corn futures faced followthrough selling overnight, while July corn futures pivoted around unchanged.
Grain and soy futures will open sharply lower after heavy selling overnight.
Despite sharper-than-expected declines in corn and soybean crop condition ratings, those markets traded sharply lower overnight amid forecasts for improved rain chances. Wheat also traded sharply lower overnight.
The CCI ratings are now 8.6% below year-ago for both corn and soybeans.
Corn inspections in week ended June 22 fell short of the expected pre-report range by over 150,000 MT and were down over 280,000 MT on the week. Wheat and soybean inspections landed in their lower respective ranges.
Wheat and soybeans are expected to open sharply higher, while corn is expected to show a mixed tone.
Short-term trend turns bearish for live cattle and feeders.