Agriculture News
Wheat inspections for the week ended April 11 were up 34,000 MT from the previous week and above the expected pre-report range. Corn and soybean inspections were each lower on the week, but within expectations.
Corn, soybeans and wheat held in tight ranges during relatively quiet overnight trade ahead of USDA’s April crop reports later this morning.
Cash corn and soybean prices inch up but still well below year-ago.
Corn basis turns positive but still below average.
Market now reflects the highest odds are for the first rate cut in September.
Grain and soy futures firmed amid corrective buying overnight, led by HRW wheat contracts.
CCI ratings for both crops are above year-ago, especially for HRW.
Corn inspections during the week ended April 4 were down 51,859 MT from the previous week but topped pre-report expectations. Wheat and soybean inspections also fell from the previous week but were as expected.
Corn favored the downside in light trade overnight, while soybeans and wheat had a mixed tone.
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