Agriculture News
Corn, soybean and wheat futures traded on both sides of unchanged during the overnight session but have firmed and are near their highs this morning.
In its July WASDE, USDA slashed the corn yield by 4 bu., which put 2023-24 ending stocks near pre-report estimates. Its soybean yield projection was unchanged, leaving ending stocks well above pre-report estimates.
Soybeans are expected to trade sharply higher as traders prepare for what’s anticipated to be bullish changes to USDA’s new-crop balance sheet.
Soybean futures extended this week’s gains ahead of USDA’s reports during overnight trade. Corn followed to the upside, while wheat traded mostly lower.
Grain and soy futures are expected to open solidly higher after moderate to strong gains overnight.
Corn, soybean and spring wheat futures firmed amid followthrough buying overnight, while the winter wheat markets posted corrective gains.
The spring wheat CCI rating continued to decline.
USDA reported wheat inspections of 419,134 MT for week ended July 6, topping pre-report estimates, while corn inspections missed the respective range by nearly 160,000 MT.
Soy complex futures are expected to open sharply higher, with corn called firmer on spillover support.
Soybeans posted strong gains overnight, while corn and wheat followed to the upside. As