Agriculture News
Wheat and corn futures are being supported by supply concerns amid the ongoing war between Russia and Ukraine. Soybeans are under pressure to open the week amid pressure from weakening crude oil prices.
Short-term trend turns up for corn, down for crude oil.
Wheat and corn futures were supported by solid followthrough buying from last week’s gains in overnight trade, while soybeans weakened.
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USDA left U.S. old-crop corn ending stocks unchanged, whereas traders expected a cut. Global corn ending stocks also unexpectedly increased.
Grain and soy complex futures held in narrow ranges in light trade overnight as traders await USDA’s April Supply & Demand Report later this morning.
Kansas has a one-point decline in dry/drought area
Winter wheat and corn futures are under light pressure this morning, while soybeans are modestly higher.
Corn and wheat basis firmed even as cash prices rose.
February beef exports were the second most ever for the month. Pork exports plunged amid sharply reduced shipments to China.
CRP enrollment acres down a net 1.4 million acres
Winter wheat futures led strong followthrough buying in the grain and soy markets overnight amid lower-than-expected U.S. crop ratings and global supply concerns.
Both the HRW and SRW CCI ratings are well below normal to start spring, with the HRW the lowest since 2011.
