Agriculture News
USDA cut corn yield by 2.4 bu. to 175.1, while soybean yield was lowered by 1.1 bu. to 50.9 bu. per acre. Soybean ending stocks were pegged at 245 million bu., less than the avg pre-report estimate, while corn was above.
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.
USDA will also update its wheat crop estimates, along with the U.S. and global balance sheets.
Soybeans traded higher overnight, while wheat faced pressure and corn was caught in the middle.
Annual survey highlights farmland prices and average cash rents across state.
Grain and soy futures are expected to open lower amid generally favorable weather and bearish Chinese trade data.
Corn and soybeans faced followthrough selling overnight, while wheat futures pulled back from Monday’s gains.
The corn CCI rating is now less than 1% below year-ago, while soybeans and spring wheat are still notably under last year at this time.
USDA reported weekly inspections declined for corn, soybeans and wheat, with wheat falling more than 310,000 MT from the previous week, missing pre-report estimates.
We expect widely varied trade in the grain and soy markets this morning amid pressure from weather and support from escalating tensions in the Black Sea region.