Agriculture News
Soybean basis turns negative for the first time this year.
Despite the stronger consumer inflation data, Fed fund futures reflect increased odds the Fed will embark on an extended pause for interest rates.
Grain futures posted two-sided trade overnight, with corn and wheat favoring the upside and soybeans mildly weaker early this morning.
USDA cut its soybean crop estimate a little more than anticipated, while the cotton crop came in well below expectations.
In its September WASDE, USDA increased planted corn acres, offsetting the reduction in yield to 173.8 bu. per acre, down from 175.1 in August. Soybean planted acres rose slightly, while the yield was trimmed to 50.1 bpa.
Corn, soybeans and the winter wheat markets have turned weaker this morning after two-sided trade earlier in the overnight session.
Both crops continue to be rated under year-ago.
Weekly new-crop corn inspections have kicked the marketing year off ahead of last year at this time by over 4%, while soybean inspections lagged by over 21% in week ended Sept. 7.
