Agriculture News
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.
Soybeans’ attempt at a corrective rebound overnight proved futile and the market is under pressure this morning. Corn futures traded both sides of unchanged, while wheat firmed overnight.
Beef stocks declined in February, though more than average. Pork stocks rose last month, though less than normal.
ISPFMRA annual survey finds strong gains in farmland values
This year’s negative PDO has been significantly negative for 21 straight months. At the same time, NOAA predicts a strong evolution toward El Niño late this spring and early summer.
Grain and soy markets are expected to open with a firmer tone. Corn will be supported by bullish export news.
USDA reported weekly corn sales in week ended March 16 at 3.096 MMT, while soybeans and wheat each missed the low-end of their respective pre-report ranges.
Corn futures built on Wednesday’s corrective gains overnight, while soybeans and wheat bounced after recent losses.
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.