Agriculture News
Soybeans and wheat favored the upside is quiet, two-sided trade overnight, while corn faced light selling pressure.
Soybean futures built on Monday’s strong gains overnight, while wheat rebounded from yesterday’s losses and corn favored the upside is light, two-sided trade.
CCI ratings have declined for nine straight weeks for corn and six consecutive weeks for soybeans.
USDA cut its soybean crop estimate by 153 bu. from last month, whereas traders expected a 35-million-bu. reduction.
USDA reduced the national corn yield as expected, but trimmed soybeans a bushel more than the average trade estimate of 51.5 bpa in its release of the September WASDE.
Weekly export inspections for week ended Sep. 8 revealed wheat inspections above trade expectations; corn and soybean inspections continue to run ahead of year-ago levels.
Quiet, two-sided trade was seen overnight as traders awaited USDA’s reports later this morning.
Key for the corn production number will be the implied ear weight USDA uses.
Distillate inventories have plummeted as harvest looms...
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Corn and wheat futures posted solid corrective gains overnight, while soybeans built on Thursday’s modest gains.
Our updated monthly and quarterly price forecasts.
The U.S. Climate Prediction Center (CPC) now says there are 91% odds La Niña will persist through the September-November timeframe and 54% chances it lasts through January-March 2023.
Drought improvement was seen in Texas, but conditions worsened in the Central and Northern Plains, along with areas of the Midwest.
Grain and soybean futures traded both sides of unchanged overnight, with corn weaker while soybeans and wheat are firmer this morning.
There is an expected weakening of demand over the next six to 12 months.
Corn and soybean basis continues to weaken as early harvest begins.
The latest ENSO forecast model runs by the U.S. National Oceanic and Atmospheric Administration (NOAA) suggested that La Nina may last longer than previously suggested.
Wheat futures surged overnight amid news Russia is rethinking the Ukraine grain export deal. Corn and soybeans followed wheat to the upside.