Agriculture News
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.
Grain and soy futures are expected to have a varied tone at the start of daytime trade.
Corn and soybeans posted mild corrective gains overnight, while wheat traded on both sides of unchanged.
Crop Consultant Dr. Michael Cordonnier’s expectations for corn and soybean plantings.
Data highlights supportive supply fundamentals for beef, struggles for pork
All food prices are now forecast to rise 6.5% in 2023 (range of 4.9% to 8.2%), down from an expected 7.5% increase last month.
Grain and soy futures are expected to favor the downside after failing to sustain corrective buying overnight.
Grain and soy markets worked higher on corrective buying earlier in the overnight session, but buyer interest is drying up this morning.
The HRW CCI rating remains historically low, while the SRW rating is above average.
USDA’s export inspection data for week ended April 20, showed corn and soybeans declining notably from the previous week, while wheat inspections rose by over 100,000 MT.
Grain and soy futures posted two-sided trade overnight, suggesting a rather directionless start to the daytime session.
Short-term trends turn sideways for corn, soybeans and soymeal.
Wheat futures posted mild corrective overnight, while soybeans traded mixed and corn faced followthrough selling.
At least two vessels carrying a combined 79,150 MT of Brazilian soybeans are heading to the U.S. soon, according to shipping data.
The report data is mildly negative compared with pre-report expectations, especially placements. But the report is not bearish.
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