Agriculture News
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.
Plunging crop condition ratings and dryness concerns fueled strong gains in corn, soybean and spring wheat futures overnight. Winter wheat futures actively followed to the upside.
Iowa and Illinois led the declines in corn and soybean CCI ratings.
Delayed from its normal release due to Monday’s holiday and technical difficulties, USDA reported a near 300,000 MT week-over-week decline in corn inspections, while soybean inspections rose modestly on the week.
Grain and soy futures are expected to open mixed to mostly lower. Bull spreading is likely in corn and soybeans.
Corn, soybean and wheat futures traded higher early in the overnight session but faded and are lower this morning.
Monthly Creighton University survey of rural bankers notes cautious optimism.
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Grains are expected to open sharply higher amid building weather concerns.
Corn, soybean and wheat futures built on Thursday’s strong gains during overnight trade amid heightened crop concerns.
USDA’s weekly export sales data for week ended June 8, showed a second straight week of increasing soybean sales, while corn sales were mediocre. Wheat sales during the week were shy of the pre-report range by 35,000 MT.