Agriculture News
USDA will update its old-crop ending stocks, release its first 2023-24 balance sheets and issue its initial winter wheat crop estimate.
Soybeans and wheat extended last week’s gains amid followthrough buying during overnight trade, while corn posted two-sided trade.
“Packers are scrambling,” Derrell Peel, an Oklahoma State University agricultural economist, told Reuters.
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Corn, soybean and wheat futures are expected to open higher amid corrective buying.
Corn, soybeans and wheat firmed amid corrective buying during overnight trade.
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Weekly corn sales notched net reductions in week ended April 27, while shipments rose to a marketing year high of 1.699 MMT. Soyoil, cotton and pork shipments also reached marketing-year highs during the week.
Grain and soy futures are expected to open weaker after failing to sustain Wednesday’s corrective gains overnight.
Corn, soybean and wheat futures were unable to build on Wednesday’s strong gains and faced pressure overnight.