Agriculture News
Old-crop weekly soybean sales faded on the week, while new-crop sales rose steadily amid a recent uptick in purchases. Meanwhile, old-crop corn sales were shy of the pre-report range, while wheat sales rose notably.
Weekly wheat inspections in week ended July 27 rose 220,413 MT from the previous week, topping the pre-report range. Shipments are now running 4.8% behind a year ago, compared to 16.9% last week.
Grain and soy futures are expected to open sharply lower this morning after heavy selling pressure overnight.
Corn, soybeans and wheat faced heavy price pressure during the overnight session.
Access this week’s newsletter here.
All signs point toward a sharply lower open in grains this morning, though a series of daily soybean sales could somewhat limit buying in that market.
Corn, soybeans and SRW wheat extended Thursday’s losses overnight, while the HRW and HRS markets also weakened.
Grain and soy futures are expected to open mostly firmer this morning after favoring the upside in two-sided trade overnight.
USDA reported corn sales were up 33% on the week, while soybeans were up noticeably and up 73% from the four-week average. Weekly wheat sales rose 37% week-over-week, but were down 17% from the four-week average.
Corn, soybeans and wheat traded on both sides of unchanged overnight but have firmed early this morning.