Agriculture News
Grain futures are under pressure to open the week. Cattle futures are sharply higher amid corrective buying.
Cash corn and soybean prices inch up but still well below year-ago.
Corn basis turns positive but still below average.
Market now reflects the highest odds are for the first rate cut in September.
Grain and soy futures firmed amid corrective buying overnight, led by HRW wheat contracts.
CCI ratings for both crops are above year-ago, especially for HRW.
Corn inspections during the week ended April 4 were down 51,859 MT from the previous week but topped pre-report expectations. Wheat and soybean inspections also fell from the previous week but were as expected.
Corn favored the downside in light trade overnight, while soybeans and wheat had a mixed tone.
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Corn, soybeans and wheat have adopted firmer tones this morning, led by strong gains in SRW wheat, after two-sided trade overnight.