Agriculture News
A shift in farmers’ expectations regarding the Fed’s future interest rate policy was a key factor in the improved sentiment.
Wheat futures rebounded late in the overnight session, which should trigger followthrough corrective buying early this morning. Corn and soybeans are called lower.
Corn, soybean and wheat futures faced followthrough selling during overnight trade.
Mato Grosso grain storage deficit could reach 64 MMT...
Soybeans extended gains from the past two days during overnight trade, while corn and wheat firmed amid mild corrective buying.
While the wheat crops in Oklahoma, Colorado and Montana showed modest improvement, the other states declined.
Weekly corn inspections topped pre-report estimates of 1.35 MMT for week ended April 27, while wheat was near the top-end pre-report range and soybeans mid-range.
Wheat futures opened the week under heavy pressure after the best rains across Plains HRW areas last week.
Corn and wheat are expected to open under pressure, while soybeans are called mildly firmer this morning.
Short-term trends turn bearish for grain and soy futures.
Wheat futures faced pressure overnight, while corn was mostly weaker and soybeans favored the upside.
EPA Administrator Michael S. Regan said, “Allowing E15 sales during the summer driving season will not only help increase fuel supply, but support American farmers, strengthen U.S. energy security. . .
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Soybeans are expected to open higher amid corrective buying, while corn and wheat could face mild followthrough selling after failing to sustain buyer interest overnight.
Soybean futures traded higher overnight, while corn and SRW wheat failed to sustain earlier corrective buying.
Grain and soy futures will face followthrough selling amid eroding technicals and no indication from export sales data that prices are ‘cheap enough.’
Weekly corn, soybean and wheat sales were all within their respective ranges for week ended April 20. While cotton and pork sales were each up noticeably from the previous week and the four-week average.
Early corrective buying dried up overnight and grain/soy futures are trading lower and on session lows this morning.
Basis for corn and soybeans dropped despite a sharp decline in futures over the past week.