Agriculture News
Corn and soybeans will face heavy pressure from improved rainfall chances, while wheat is expected to actively follow to the downside.
Corn and soybean futures faced active followthrough selling amid forecasts calling for improved rain chances for the Corn Belt. Wheat futures actively followed to the downside.
Grain and soy futures are expected to open lower, with the heaviest selling likely in the soy complex.
Corn, soybean and wheat futures pulled back from recent strong gains overnight, while soyoil faced heavy followthrough selling after yesterday’s limit-down performance.
cash corn and soybeans prices surged over the past week.
The biomass-based diesel requirements are well below the increase sought by producers, which put heavy pressure on the soyoil market.
Corn, soybean and wheat futures are expected to open sharply higher on support from plunging crop condition ratings. Soyoil will face heavy pressure from reports of EPA’s biodiesel mandates.
Plunging crop condition ratings and dryness concerns fueled strong gains in corn, soybean and spring wheat futures overnight. Winter wheat futures actively followed to the upside.
Iowa and Illinois led the declines in corn and soybean CCI ratings.
Delayed from its normal release due to Monday’s holiday and technical difficulties, USDA reported a near 300,000 MT week-over-week decline in corn inspections, while soybean inspections rose modestly on the week.
Grain and soy futures are expected to open mixed to mostly lower. Bull spreading is likely in corn and soybeans.
Corn, soybean and wheat futures traded higher early in the overnight session but faded and are lower this morning.
Monthly Creighton University survey of rural bankers notes cautious optimism.
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Grains are expected to open sharply higher amid building weather concerns.
Corn, soybean and wheat futures built on Thursday’s strong gains during overnight trade amid heightened crop concerns.
USDA’s weekly export sales data for week ended June 8, showed a second straight week of increasing soybean sales, while corn sales were mediocre. Wheat sales during the week were shy of the pre-report range by 35,000 MT.
Drought removal or improvement is expected across much of the western Corn Belt, while eastern areas will trend drier.
Grain markets are expected to open sharply higher amid weather and crop concerns for corn and soybeans.