Agriculture News
Corn and soybeans extended Monday’s losses during overnight trade, while wheat more than wiped out yesterday’s gains.
Basis remains much weaker than normal for corn, soybeans and wheat amid weak demand and transportation woes.
Soybean futures firmed amid corrective buying overnight, while wheat declined and corn chopped around unchanged.
Farmers’ sentiment for the second month in a row as attitudes toward current conditions and future expectations declined.
Corn and soybean futures failed to build on Monday’s gains and traded lower overnight, while wheat had a mixed tone.
Corn-for-ethanol use totaled 442.6 million bu. during August, according to USDA.
Weekly corn and soybean inspections are running 10.8% and 8.7% ahead of a year-ago, respectively. Meanwhile, wheat inspections are nearly 29% behind the same time last year.
Chart trends remained mostly unchanged from the previous week.
Corn and wheat futures traded higher on corrective buying overnight, while soybeans faced followthrough selling.
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Soybean stocks and wheat production came in higher than expected. Sept. 1 corn stocks were lower than anticipated.