Agriculture News
USDA reported 23,000 MT of soybean reductions for week ended March 2, a new marketing year low, while corn sales proved solid, landing near the top-end of the expected pre-report range of 1.2 MMT.
Corn and soybeans are expected to open slightly firmer. Wheat will continue to struggle to find buyers.
Corn and soybeans traded higher overnight, while the wheat market turned mixed this morning after corrective gains earlier in the session.
USDA made limited revisions to its balance sheets this month, as expected.
USDA’s March WASDE showed corn domestic and global ending stocks above pre-report estimates, while soybeans and wheat were each slightly lower than expectations.
Light price action is likely this morning as traders await USDA’s Supply & Demand Report.
Corn, soybeans and wheat faced light selling pressure during a relatively quiet overnight session.
Farmers’ perspectives regarding both current conditions on their farms and their expectations for the future both weakened slightly.
Corn and soybeans are expected to open under light pressure, while wheat is anticipated to be mixed.
Corn, soybean and wheat futures traded narrowly on both sides of unchanged in a lightly traded overnight session.
USDA reported weekly export inspections for week ended March 2, which showed corn inspections notably above pre-report expectations, while wheat and soybean inspections each missed the low-end pre-report range.
Grain and soybean futures are expected to open under pressure, with wheat the downside price leader.
Short-term trend turns bearish for lean hog futures despite seasonally firming cash prices.
Grain and soy futures faced pressure overnight amid a lack of bullish news and negative outside markets.
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Corn, soybean and wheat futures are expected to open with a firmer tone this morning as markets continue to recoup sharp losses from earlier this week.
Grain and soybean futures continued their attempt overnight to recoup some of the recent sharp price losses.