Agriculture News
Cash corn, soybean and wheat prices are well under year-ago.
The Federal Reserve raised interest rates 25 basis points but seemed to give mixed signals on further monetary policy action. The benchmark lending rate was increase to a range of 4.75% to 5.00%.
Cash livestock and wholesale meat prices dropped over the past week.
Grain and soy complex futures are expected to open solidly lower on followthrough selling after bears controlled overnight trade.
Bears controlled price action overnight, with corn, soybean and wheat futures trading solidly lower and near their session lows this morning.
Corn, soybeans and wheat finished higher and near their session highs overnight, which should fuel followthrough buying this morning.
Light corrective buying has surfaced in some of the grain and soy futures early this morning after they faced pressure for much of overnight trade.
Corn, soybeans and wheat export inspections each topped the previous week, though soybean Inspections continue to run ahead of last year by nearly 3.0%, while corn lags by over 36.0%, with wheat behind by 1.6%.
Unease with the global economy tied to the banking sector will weigh on grain and soy futures.
Short-term trends turn bearish for soybeans and lean hog futures.
Bears controlled price action in the grain and soy markets overnight amid ongoing macroeconomic unease.
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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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U.S. government forecasters signal La Niña has ended, but the extended weather forecast from the National Weather Service continues to indicate La Niña-like weather will persist through June.
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.