Agriculture News
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Corn is expected to open lower, with soybeans likely to trade mildly firmer and wheat mixed.
Net sales reductions of 210,500 MT of wheat were reported in week ended May 25, missing the expected range by over 100,000 MT. Weekly corn and soybean sales were near the low-end of their respective pre-report estimate.
Corn futures are extending losses early this morning, while beans and wheat are mixed.
Drought continues to spread from west to east across major U.S. corn and soybean areas.
Corn, soybean and wheat futures are expected to open sharply higher following strength overnight and on weather concerns.
Soybean futures led overnight price gains, though corn and wheat actively participated in the push to the upside.
Corn and soybean basis remains well above average.
Grain and soy futures are expected to face heavy pressure after active followthrough selling during overnight trade.
Corn, soybeans and wheat actively extended Tuesday’s losses during overnight trade.
The initial CCI ratings came one week earlier than last year.
Weekly corn inspections were down slightly from the previous week but were near the top-end pre-report estimate of 1.4 MMT. Corn in Wheat and soybean inspections were each near the respective low-end ranges.
Soybeans and wheat are expected to open sharply lower, with corn likely to trade lower on spillover pressure.
Beans and wheat faced heavy pressure coming out of the holiday weekend, while corn modestly favored the downside in mixed trade.
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Corn, soybeans and wheat are expected to open higher following solidly firmer trade overnight. Support will come from weather, greater risk appetite and outside markets.
Corn, soybean and wheat futures showed price strength overnight and are trading near their session highs early this morning.
The Office of Management and Budget (OMB) has scheduled an increasing number of meetings concerning the EPA’s final rule on levels for the Renewable Fuel Standard (RFS).