Agriculture News
Corn, soybean and wheat futures traded sharply higher overnight as markets rebounded from recent hefty losses.
Corn and soybean basis remains well above average, though cash prices plunged.
Corn futures traded lower for much of the overnight session but are mildly firmer this morning, while soybeans and wheat are showing stronger corrective gains following Tuesday’s sharp losses.
The soybean CCI rating dropped below the five-year average for the first time this growing season.
Corn, soybean and wheat export inspections all fell short of expectations and below the required paces to hit USDA’s export forecasts.
Short-term price trend turns down for most of the grain and soy complex markets.
Grain markets didn’t trade overnight and will resume trade at 8:30 a.m. CT. The U.S. dollar surged more than 1,000 points higher, making a new for-the-move high overnight.
State attorney general clears purchase.
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Corn and wheat futures worked mildly higher overnight following Thursday’s sharp losses. Soybeans extended yesterday’s sharp loses.
USDA’s Hogs & Pigs Report estimated the U.S. hog herd at 72.5 million head as of June 1, down 629,000 head (0.9%) from year-ago.
Corn and wheat futures (aside from HRW) extended Wednesday’s losses overnight, while soybeans pulled back from recent gains.
The corn, soybean and winter wheat markets built on Tuesday’s strong gains overnight, while spring wheat firmed after small losses yesterday.
Corn and wheat futures posted strong gains on corrective buying overnight, while soybeans sharply extended Monday’s gains.
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.