Agriculture News
The corn CCI rating is now below the five-year average for the first time this year. The soybean and spring wheat ratings remain above average.
Corn futures traded lower throughout the overnight session, while soybeans and wheat rebounded from initial losses.
Recessionary fears are building, which triggered heavy long liquidation in commodities last week.
USDA’s Cold Storage Report signaled demand is not keeping pace with supplies amid near-record retail prices.
Mounting recessionary concerns triggered heavy liquidation pressure in the grain and soy markets overnight.
But he acknowledged that a recession was ‘certainly a possibility’ given the global situation. Recessionary fears are building with economists.
Wheat was supported by corrective buying overnight though futures are well off the highs this morning. Soybeans faced active followthrough selling, while corn was modestly lower.
The CCI ratings for all three crops are above the respective five-year averages for the date.
Inspections fell from the previous week for corn, soybeans and wheat.
Grain and soy complex futures are under solid pressure coming out of the holiday weekend, led lower by sharp losses in soyoil.
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Corn and soybean futures saw active followthrough buying overnight after strong gains Thursday, while the wheat market was quiet in two-sided trade.
Monthly survey finds negative impact from raging input costs, high expectations of recession.
Heat isn’t expected to build in the central and northern Corn Belt until after corn pollination.
Corn sales were a marketing-year low for 2021-22 and light for 2022-23, too.
Corn futures mildly built on Wednesday’s gains overnight, while soybeans and wheat traded mixed.
Today’s 75-basis-point increase to interest rates signals the Fed has grown increasingly concerned with inflation, though it is still playing catchup.