Agriculture News
Weekly soybean sales during the week ended March 28 missed the pre-report range, while corn sales landed below 1.0 MMT for the first time since mid-February. Shipments, however, reached a marketing-year high.
Soybeans posted solid gains amid corrective buying overnight, while corn and wheat futures pulled back from last Thursday’s gains.
Nearly every category topped the average pre-report estimates.
Corn planting intentions and March 1 stocks came in lower than expected.
Access this week’s newsletter here.
USDA reported corn acres of 90.036 million acres for 2024 and March 1 stocks of 8.347 billion bu., both well below trade estimates. Soybean acres were slightly lower than expectations, while stocks were higher.
Weekly wheat sales were just above the pre-report range for the week ended March 21, while soybean sales missed the expected range by 36,000 MT. Corn sales held steady at 1.21 MMT.
Corn, soybeans and wheat traded in narrow ranges during the overnight session ahead of USDA’s reports later this morning.
Corn, soybeans and wheat extended Tuesday’s losses during the overnight session.
Corn and soybean basis firmed a little as cash prices weakened.