Agriculture News
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.
Corn basis continues to firm. The national average cash price is now just shy of $8.
Soybeans are expected to trade higher, while corn and wheat are called lower this morning.
Soybeans rebounded some from Monday’s sharp losses, while corn and wheat traded lower overnight but held above yesterday’s lows.
Initial spring wheat CCI rating is a little below average.
Soybean inspections running stronger than normal during this time of year.
Soybean futures extended last Friday’s price pressure overnight, while corn and wheat favored the upside amid two-sided trade.
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As expected, USDA made just minor modifications to its forecasts this month.
Corn, soybean and winter wheat futures faced mild price pressure overnight as traders awaited USDA’s reports later this morning.
Cash corn prices nearing $8; cash soybean prices closing in on $18.
Cumulative old- and new-crop corn export sales totaled only 353,900 MT.
Corn and soybean futures pulled back overnight from strong gains earlier this week. Wheat also traded lower.
Corn basis firmed along with a rally in futures. Soybean basis declined as futures rallied.
USDA is expected to fine tune its U.S. and global old- and new-crop balance sheets in Friday’s Supply & Demand Report.