Agriculture News
Area reports show strong gains in farmland values over FNC service are
Soybean futures scored new contract highs amid strong followthrough buying overnight. Corn and wheat futures also firmed.
The World Bank slashed its global economic growth for 2022 to 2.9% from 5.7% last year as the war has compounded pandemic-induced damage.
The wheat market gave back a small portion of Monday’s strong gains overnight, while corn and soybeans traded mixed.
USDA’s corn ratings are 75% or higher “good” to “excellent” in four of the top five producing states.
Soybean inspections fell shy of expectations
Grain and soy futures rallied sharply overnight amid renewed global supply concerns, led by the wheat market.
Corn-based ethanol mandate was unchanged for 2020, slightly increased for 2021 and unchanged for 2022 versus the proposed levels.
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Strong week for cotton export sales and shipments.
Two-sided trade was seen in grain and soy futures overnight, but markets are softening this morning, led lower by soybeans and soyoil.
Corn and wheat futures posted corrective gains overnight after sharp losses Wednesday, while soybeans built on yesterday’s gains.
Fed banks highlight economic conditions, including for the ag sector.
Two-sided trade was seen overnight, with wheat and soybeans firmer amid corrective buying this morning, while corn is trading just below unchanged.
HRW crop is still rated well below its five-year average, while the SRW crop is slightly above normal.
Corn inspections were near the middle of expectations, while soybean inspections were at the lower end of what traders anticipated.
Wheat and corn futures are under heavy pressure coming out of the holiday weekend amid reports Russia will work with Turkey to facilitate Ukrainian grain exports.