Agriculture News
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In week ended June 15, weekly corn sales totaled a tepid 36,000 MT, an 87% drop from the previous week and 74% from the four-week avg. Soybean export sales fell 4% on the week, but were up 98% from the four-week avg.
Corn and soybeans will face heavy pressure from improved rainfall chances, while wheat is expected to actively follow to the downside.
Corn and soybean futures faced active followthrough selling amid forecasts calling for improved rain chances for the Corn Belt. Wheat futures actively followed to the downside.
Grain and soy futures are expected to open lower, with the heaviest selling likely in the soy complex.
Corn, soybean and wheat futures pulled back from recent strong gains overnight, while soyoil faced heavy followthrough selling after yesterday’s limit-down performance.
cash corn and soybeans prices surged over the past week.
The biomass-based diesel requirements are well below the increase sought by producers, which put heavy pressure on the soyoil market.
Corn, soybean and wheat futures are expected to open sharply higher on support from plunging crop condition ratings. Soyoil will face heavy pressure from reports of EPA’s biodiesel mandates.