Agriculture News
USDA reported weekly wheat sales of 405,800 MT for week ended June 29, while net corn sales rose 79% on the week to 251,700 MT. Soybean sales fell 17% week-over-week.
Soybean and spring wheat CCI ratings continue to drop.
Soybeans extended Friday’s strong gains but came well off the highs into the close. Corn and wheat failed to maintain earlier corrective gains.
The soybean markets continues to react to last Friday’s bullish Acreage Report.
Soybean futures aggressively extended Friday’s price rally during overnight trade. Corn followed to the upside, while wheat traded mixed.
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Corn plantings greatly topped expectations, while soybean acres fell well shy of the pre-report estimate.
USDA reported over 94 million corn acres, which is over 2 million above pre-report estimates, while soybean acres were pegged at 83.505 million acres, over 4 million acres below the average pre-report estimate.
Grain and soy futures are expected to trade higher this morning on followthrough corrective buying after strength overnight.
The U.S. cattle herd was 0.1% bigger than year-ago as of June 1, whereas traders expected a 0.7% decline.
Corn, soybean and wheat futures firmed amid corrective buying during the overnight session as traders await USDA’s reports later this morning.