Agriculture News
Soyoil sales for the week ended Feb. 29 reached a marketing-year high of 29,200 MT, while soybean sales landed above pre-report estimates. Meanwhile, corn and wheat sales were within their respective pre-report ranges.
Soybean futures posted corrective gains overnight, while the corn and wheat markets favored the downside in light trade.
Weekly cotton sales during the week ended Feb. 22 were down 69% from the previous week and 83% from the four-week average. Meanwhile, corn, soybean and wheat sales each rose week-over-week.
Corn and soybeans favored the downside and are near session lows this morning, while wheat is mostly weaker.
Basis firms for both corn and soybeans but remains slightly below average.
Corn and soybeans are trading near unchanged this morning after light two-sided trade overnight, while wheat futures have weakened.
HRW crop continues to rebound from a rough start last fall.
Soybeans firmed amid followthrough buying overnight, while corn and wheat mildly favored the upside is light trade.
Weekly corn inspections during the week ended Feb. 22 totaled 1.242 MMT, exceeding the pre-report range by over 91,000 MT and rose nearly 190,000 MT from the previous week.
No changes to the short-term chart trends this week.