Agriculture News
Corn and soybeans traded lower overnight after USDA raised crop condition ratings more than anticipated Monday afternoon. Wheat faced followthrough selling amid a lack of supportive news.
Light price action is expected in the grain and soy markets this morning ahead of USDA’s August crop reports.
Corn, soybeans and wheat traded in relatively tight ranges during the overnight session as traders awaited USDA’s August crop reports later this morning.
Kansas City Federal Reserve Bank finds continuing strong demand for farmland despite declining profit margins.
Quarterly survey finds strong financial conditions in rural ag banks.
Weekly export sales data showed net new crop corn sales totaled 758,400 MT in week ended Aug 3, while new crop soybeans sales totaled nearly 1.1 MMT.
Grain and soy markets are expected to open with a firmer tone amid corrective buying.
Soybean futures extended gains from the two previous days during overnight trade, while corn and wheat rebounded amid corrective buying.
The average cash cattle price firmed $1.89 to the second highest ever.
Basis firmed a little for both corn and soybeans over the past week.
Soybeans and corn are expected to trade higher, while wheat is likely to face slight price pressure.