Agriculture News
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.
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Corn and soybeans are expected to open firmer, with corn getting a boost from a daily sale to China for 2022-23. Wheat is expected to open weaker.
Modest corrective buying was seen in the corn, soybean and wheat markets overnight as traders continued to monitor weather and macroeconomics.
As of July 12, 69% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, down one percentage point from the previous week.
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.