Agriculture News
Farmer sentiment was the weakest since June 2022 and current conditions fell to the lowest since May 2020.
Grain and soy futures are expected to open solidly higher on followthrough from overnight price strength.
Weekly soymeal sales during the week ended April 25 missed pre-report expectations and were down 57% from the previous week and 37% four-week average. Corn, soybean and wheat sales were as expected.
Corn and soybean futures built on Wednesday’s gains during the overnight session while wheat futures rebounded.
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.