Agriculture News
Grain and soy futures are expected to open with a firmer tone this morning on support from HRW crop concerns and bullish corn export demand news as there was another daily corn sale to China.
USDA reported weekly soymeal sales of 377,900 MT in week ended March 23, which was up noticeably over the previous week and 81% from the four-week average.
Price action was light and two-sided overnight, but a mostly firmer tone has developed this morning.
March Iowa Chapter of the RLI finds slight boost in farmland values.
Corn and soybean basis firmed despite strong rises in cash prices.
FAPRI’s baseline projections are based on data as of January.
Wheat futures will lead the ongoing price recovery in the grain and soy markets as Cargill says it will cease Russian grain shipments starting July 1.
Wheat futures extended their recent corrective gains overnight. Corn followed to the upside while soybeans pivoted around unchanged.
HRW wheat conditions are still below when the crop entered dormancy and historically low.
Soybeans and wheat extended Monday’s gains overnight. Corn modestly pulled back but there was another daily old-crop corn export sale that could provide support during daytime trade.
Soybeans extended Monday’s strong gains overnight, while corn modestly pulled back and wheat traded narrowly on both sides of unchanged.
Weekly export inspections for week ended March 23 revealed a notable drop in corn inspections from the previous week, while wheat and soybeans were each higher on the week.
Choppy price action is being seen in the grain and soy markets to open the week ahead of key USDA data on Friday.
Another daily old-crop corn export sale, this time two cargoes to unknown destinations.
Soybeans mildly built on Friday’s corrective gains during overnight trade while the corn and wheat markets pulled back.
Corn acres are expected to rise nearly 4%; soybean acres expected to be virtually unchanged
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Wheat and corn futures are expected to open higher after strength overnight despite negative outside markets. Soybeans are expected to trade lower after extending the sharp price drop overnight.