Agriculture News
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.
The Rural Mainstreet Index finds loan volumes up on increased input costs.
Big weekly gains in cash prices for corn, soybeans and wheat.
Drought still covers two-thirds of U.S. winter wheat area.
If the forecast verifies, it suggests crop stress could develop across the western Corn Belt and persist in the Southern Plains
China continues to buy sizable quantities of U.S. old-crop soybeans, accounting for more than half of the weekly total.
Wheat and corn futures faced continued pressure from Wednesday’s losses overnight, while soybeans traded mixed.
SRW and HRW wheat basis weakens amid strong rally in cash prices.
Iowa State University survey pegs statewide average cash rent at $256 per acre.
Quarterly surveys from Federal Reserve Banks confirm strong gains in farmland values.
Wheat futures gapped higher overnight but reversed lower and are under heavy pressure this morning. Corn and soybeans also traded lower.