Agriculture News
Weekly wheat sales were reported at (109,600) MT for the week ended March 14, which were down noticeably from the previous week. Corn and soybean sales were as expected.
Corn and wheat futures posted mild gains amid corrective buying overnight, while soybeans weakened following earlier strength.
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Corn, soybean and wheat futures held in relatively tight ranges during light, two-sided trade overnight.
The International Grains Council released its initial projections for 2024-25
Weekly corn sales during the week ended March 7 totaled 1.28 MMT, up 16% from the previous week, while soybean and wheat sales each faded, down 39% and 69%, respectively. Wheat sales were at a marketing-year low.
Soybeans extended their recent corrective gains during the overnight session, while wheat traded lower and corn favored the downside in two-sided trade.
Basis slipped a little for corn, soybeans and SRW wheat as cash prices firmed.
Soybean futures retreated from Tuesday’s gains during overnight trade, while the corn and wheat markets have weakened after two-sided price action earlier in the session.
Soybeans extended Monday’s declines overnight, while corn and wheat pulled back from yesterday’s gains.