Agriculture News
Crop conditions fall in corn, soybeans and spring wheat
Wheat inspections in week ended July 20 were up 85,621 MT from the previous week and above the pre-report range. Soybean inspections rose notably from the previous week, while corn fell 100,000 MT.
Cattle herd declined 2.7%; beef cows dropped 2.6%.
June placements unexpectedly increased from year-ago.
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Monthly survey finds rising optimism in 10-state ag economies.
The 90-day forecast suggests most of the key corn and soybean areas should see generally favorable conditions for August through October.
Grain and soy futures are expected to open daytime trade with a firmer tone as traders focus on weather and geopolitics.
USDA reported net soymeal sales of 272,500 MT for week ended July 13, which exceeded top-end pre-report estimates. Meanwhile, net wheat sales fell short of trade expectations.
Corn, soybeans and wheat traded on both sides of unchanged during the overnight session.