Agriculture News
Corn and wheat are expected to open firmer based on late strength overnight but buying may be limited given negative outside markets.
Export sales for the week ended July 8, 2022, shows larger than expected wheat exports, with soybeans falling short of expectations.
Overnight price action was two-sided and relatively quiet, though corn, soybeans and winter wheat all lower and near session lows this morning.
Corn and soybean basis are both well above their respective three-year averages.
Corn, soybeans attempt to add weather premium, wheat trades lower for third consecutive trading session.
There was two-sided trade in grain and soy markets overnight, though outside markets have turned negative this morning.
Two-sided trade was seen in the grain and soy markets overnight, with corn and wheat firmer this morning while soybeans is modestly weaker.
World Weather Inc. says 2022 is closely tracking 1956, which turned into a good year for crops with some record yields despite hot, dry weather in the Plains and western areas of the Midwest.
USDA’s corn, soybean and wheat ending stocks forecasts topped pre-report expectations, as did the U.S. all-wheat crop estimate.
Markets continue downward trade on upward revisions in July WASDE.
Grain/soy futures expected to open daytime trade sharply lower on followthrough from heavy selling overnight and negative outside markets.
Corn, soybean and wheat futures faced heavy pressure overnight after initially trying to work to the upside.
The corn and soybean crops posted modest gains, while spring wheat improved notably.
Outside markets influenced grain and livestock markets to varying degrees in volatile trade to open the week.
Soybean export inspections fell shy of expectations.
USDA will update balance sheets to reflect June 1 stocks and its new-crop planted acreage estimates. USDA will also release its first all-wheat production estimate.
Short-term trends turn sideways for corn and soybeans.
Followthrough from strong overnight gains in grain/soy futures. Cattle and hogs also expected to open higher. Outside markets could curb buying in grain/livestock markets.
Corn, soybean and wheat futures gapped sharply higher at the start of overnight trade. While prices remain sharply higher, futures are trading low range this morning.