Agriculture News
Soybean futures retreated from Tuesday’s gains during overnight trade, while the corn and wheat markets have weakened after two-sided price action earlier in the session.
Soybeans extended Monday’s declines overnight, while corn and wheat pulled back from yesterday’s gains.
Weekly corn inspections totaled 1.122 MMT during the week ended March 7, down slightly from the previous week, but near the top end of the pre-report range. Soybean inspections fell notably on the week.
Short-term trends turn sideways for corn, soybeans, soymeal and soyoil.
Corn, soybeans and wheat pulled back from Friday’s corrective gains during the overnight session.
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Domestic ending stocks were unchanged for corn and soybeans, higher for wheat and lower for cotton.
Corn and soybean ending stocks were unchanged from February, while wheat ending stocks rose 15 million bu. However, global corn and wheat ending stocks were lower than pre-report estimates; soybeans were as expected.
Grain trade was light overnight ahead of USDA’s March crop reports later this morning.
