Agriculture News
Soybean futures firmed amid corrective buying overnight, while wheat declined and corn chopped around unchanged.
Farmers’ sentiment for the second month in a row as attitudes toward current conditions and future expectations declined.
Corn and soybean futures failed to build on Monday’s gains and traded lower overnight, while wheat had a mixed tone.
Corn-for-ethanol use totaled 442.6 million bu. during August, according to USDA.
Weekly corn and soybean inspections are running 10.8% and 8.7% ahead of a year-ago, respectively. Meanwhile, wheat inspections are nearly 29% behind the same time last year.
Chart trends remained mostly unchanged from the previous week.
Corn and wheat futures traded higher on corrective buying overnight, while soybeans faced followthrough selling.
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Soybean stocks and wheat production came in higher than expected. Sept. 1 corn stocks were lower than anticipated.
USDA pegged Sept. 1 corn stocks at 1.361 billion bu., 68 million bu. lower than pre-report expectations and 16 million bu. lower than year-ago. Soybean stocks were above pre-report estimates by 26 mb.