Agriculture News
Corn and soybean CCI ratings are below their respective five-year averages, while the spring wheat rating is still well above its average for the date.
Export inspections for week ended July 21, 2022 were within estimated ranges for corn, soybeans and wheat, however the current year’s pace continue to fall behind last year.
Grain and soy futures firmed overnight amid concerns about the deal to restart Ukraine’s grain exports and forecasts calling for a return of heat and dryness after some temporary relief.
USDA’s Cattle Inventory Report showed the U.S. cattle herd contracted 2.0% as of July 1. The Cattle on Feed Report showed the July 1 feedlot inventory up 0.4% from year-ago.
While record June beef stocks could imply sluggish demand, it may also be related to facilities building inventories due to ongoing strong exports. Pork stocks declined less than average last month.
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Wheat futures faced heavy selling overnight, while corn extended this week’s sharp losses amid reports a deal to restart Ukrainian grain exports will be signed today.
Bankers worry rising input costs may combine with declining commodity prices to strain rural America.
NWS forecast calls for above-normal temps across most of the country for August through October. Below-normal rainfall is expected over most of the central and western Corn Belt.
There was some shifting in the drought footprint based on rains over the past week.
Weekly exports meet trade expectations for the week ended July 14, 2022.
Corn and soybean futures extended losses from the two previous days overnight. Wheat futures also weakened.
Corn and soybean basis remains well above the respective three-year averages.
Wheat futures posted strong gains overnight, while soybeans faced followthrough selling, though they are well off their lows this morning. Corn was caught in the middle.
Corn futures more than wiped out Monday’s gains overnight, while soybeans and wheat gave back a portion of yesterday’s price strength.
The spring wheat CCI rating rose to its highest of the growing season.
Export Inspections for week ended July 14, were within the range of estimates for corn and soybeans, while wheat fell shy of what was expected.
Short-term chart trends mostly unchanged from the previous week.
Corn, soybeans and wheat all traded solidly higher overnight amid a round of corrective buying.