Agriculture News
Corn futures mildly extended Wednesday’s losses overnight, while soybeans erased gains from yesterday. Wheat was supported by light corrective buying.
Short-term trend turns bearish for soybeans and soyoil.
Corn, soybeans and wheat mildly favored the downside in relatively quiet overnight price action.
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After weaker trade early in the overnight session, modest corrective buying gradually built in corn and soybeans, while wheat is narrowly mixed this morning.
Markets had a muted reaction to USDA’s April Supply & Demand Report.
USDA showed slightly larger-than-expected U.S. carryover for corn, soybeans and wheat, while global corn and soybean carryover also topped average pre-report estimates. Global wheat carryover was lower.
Weekly corn sales during the week ended April 4 dropped sharply missing pre-report expectations by a notable 425,000 MT. Meanwhile, soybean and wheat sales were within their respective pre-report range.
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.