Agriculture News
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.
Wheat futures sharply extended Tuesday’s hefty losses in overnight trade. Corn and soybeans followed wheat lower.
Spring wheat futures led gains in the wheat markets overnight as planting progress fell shy of expectations. Soybeans firmed, while corn traded slightly lower overnight.
The HRW crop is still well below its five-year average, while the SRW crop is now rated above normal.
Beef stocks declined less than normal in April, while frozen pork inventories climbed more than average. Total red meat and poultry stocks rose around 16% from last year.
Corn export inspections topped the upper end of trade expectations at nearly 1.7 MMT.
Short-term trends turn bullish for soybeans and soymeal.
Wheat futures posted strong corrective gains overnight, while the corn and soybean markets followed to the upside.
USDA’s estimated April placements down 0.9% from last year, whereas traders expected a 4.6% decline, on average.
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Wheat futures faced followthrough selling pressure overnight, while corn also traded lower. Soybeans have turned mixed after earlier weakness.