Agriculture News
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.
February’s Farm Financial Performance Index reading of 85 was 1 point lower than January and 13 points below its most recent peak in December.
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.