Agriculture News
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.
Wheat futures faced heavy pressure coming out of the extended weekend, which pulled corn lower. Soybeans were firmer overnight.
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USDA Secretary Tom Vilsack at Thursday’s Senate Ag Committee hearing discussed a wide array of topics critical to the ag sector and impacts to farmers.
Trading ranges were much tighter overnight than recent days in corn, soybean and wheat futures.
Recent rains have eased drought in the Southern and Central Plains, but the relief is too late for much of the crop.
Cash wheat prices fall sharply but still well above year-ago.
Old-crop corn export sales were a marketing-year low. New-crop sales were light, too.
Wheat and corn futures faced heavy selling pressure overnight but remained above Wednesday’s lows. Selling in soybeans was lighter.
Soybean basis continues to charge higher and is well above the three-year average.