Agriculture News
Traders expected USDA to cut its corn and soybean ending stocks forecasts after March 1 stocks came in lower than anticipated.
USDA kept corn and soybean ending stocks unchanged from March, while traders were anticipating a reduction for both crops. Meanwhile, wheat ending stocks rose as expected.
Positioning is expected ahead of USDA’s April crop reports at 11 a.m. CT.
Soybean futures posted corrective gains overnight, while wheat pulled back from Monday’s gains and corn held near unchanged.
The HRW CCI rating remains historically low, while the SRW crop is rated stronger than average for early spring.
USDA reported soybean and wheat export inspections of 669,566 MT and 335,444 MT, respectively; up over 165,000 MT from the previous week. While corn inspections dropped notably.
Wheat futures are expected to open firmer, with HRW contracts likely to lead gains amid weather concerns.
Short-term, intermediate and long-term trends are all bullish for live cattle futures.
Wheat futures traded solidly higher coming out of the extended holiday weekend, while corn favored the downside and soybeans traded mixed.
The credit could provide a major boon to biofuel products made of wastes and oils, but producers are also eyeing a big new market for corn-based ethanol.
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Corn and soybeans are expected to open lower on followthrough selling from pressure overnight. Weekly soybean sales were disappointing.
USDA reported weekly sales in week ended March 30 were down 55% from the previous week and 42% from the four-week average, while corn sales rose 20% on the week, but were down 26% from the four-week average.
Corn and soybeans faced modest followthrough selling overnight, while wheat futures favored the upside in corrective trade.
Grain and soy futures traded solidly lower overnight, which is expected to spill into daytime trade.
Wheat futures led losses as grain and soy futures extended this week’s declines overnight.
Basis for both corn and soybeans dropped over the past week but remained positive and above average.
“Total gasoline inventories are lower today than they were last year when EPA issued waivers to address the nation’s fuel supply,” the organizations wrote.
Concerns with the commodity price outlook and interest rates weakened farmer sentiment.