Agriculture News
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Wheat futures were supported by mild corrective buying overnight, while corn and soybeans pulled back from yesterday’s gains.
Big price rebound for cotton following USDA’s much smaller-than-expected crop estimate on Aug. 12.
The NWS 30-day forecast calls for below-normal precip across the northern and western Corn Belt during September. There are also higher odds of above-normal temps over much of the western Corn Belt next month.
As of Aug. 16, 67% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, up one point from the previous week. Rainfall across the Midwest was ‘hit-and-miss.’
USDA export sales data through week ending August 11, revealed new-crop soybeans sales were the largest for either 2021-22 or 2022-23 since the end of March, with wheat export sales reaching a marketing-year low.
Active followthrough selling weighed on wheat overnight, while corn and soybeans faded amid spillover pressure and favorable weather forecasts.
Corn and soybean basis continues to slip ahead of harvest, but remains well above average.
Corn, soybeans and wheat posted two-sided trade overnight but are mildly firmer this morning amid light corrective buying.
Corn, soybean and wheat futures extended yesterday’s losses overnight but all three markets held above Monday’s lows.
The corn CCI rating has dropped for five straight weeks.
Export Inspections for week ended August 11, 2022 were within trade expectations, but well below last week’s figures. Corn, Soybeans, and wheat continue to fall behind year-ago levels.
Short-term trend turns up for corn, soymeal and cotton.
Soybeans led a round of heavy, broad-based selling across the grain and soy markets overnight amid favorable weather, along with heightened Chinese tensions and economic concerns.
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The initial corn crop estimate came in slightly lower than anticipated.
After two-sided trade earlier overnight, a weaker tone has developed in the grain and soy markets this morning, led lower by wheat.
Diesel prices continue to ease, though they remain well above year-ago.
Drought conditions improved across the northern and eastern Corn Belt over the past week, while they worsened in western and southern areas.
Soybeans have posted net sales reductions for 2021-22 for six of the past seven weeks.