Agriculture News
Grain and soy futures are expected to open higher. There was another daily corn sale to China.
Corn, soybeans and wheat were supported by corrective buying and outside markets overnight.
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Corn should be supported by strong weekly export sales and another daily sale to China.
USDA reported weekly corn sales of 1.236 MMT for week ended March 9, near the top-end of the pre-report range. Soybean sales were also near top-end estimates at 665,000 MT, up from net reductions the previous week.
Corn futures pivoted around unchanged in quiet overnight trade while soybeans were supported by corrective buying and wheat pulled back from gains earlier this week.
Soybean basis dropped but the average cash price remained above $15.
Corn and wheat are expected to open with a mildly firmer tone, though outside markets are price-negative. Soybeans are called lower.
After trading higher earlier in the overnight session, corn, soybeans and wheat have turned mostly lower early this morning.
Grain and soy futures are expected to open lower after pressure during overnight trade. Corn could get a boost from daily export sales to China.
Corn and soybeans faced followthrough selling overnight, while the wheat market pulled back from Monday’s corrective gains.
Weekly export inspections for week ended March 9, showed corn inspections for the week at over 999,000 MT, near top-end pre-report estimates, while soybeans were mid-range. Wheat inspections were just shy expectations.
Grain and soy markets are expected to open under pressure amid broader risk aversion.
Grain and soy futures favored the downside overnight as anxiety with the U.S. banking situation triggered general risk aversion.
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Soybeans are expected to open with a weaker tone after price pressure overnight. Corn and wheat may receive some support from a sharp drop in the dollar.
Soybeans traded higher on corrective buying early in the overnight session but are weaker this morning, while corn and wheat pivoted around unchanged.