Agriculture News
Soybean futures extended gains from the two previous days during overnight trade, while corn and wheat rebounded amid corrective buying.
The corn CCI rating is now less than 1% below year-ago, while soybeans and spring wheat are still notably under last year at this time.
USDA reported weekly inspections declined for corn, soybeans and wheat, with wheat falling more than 310,000 MT from the previous week, missing pre-report estimates.
We expect widely varied trade in the grain and soy markets this morning amid pressure from weather and support from escalating tensions in the Black Sea region.
Short-term trends turn bearish for corn, soybeans and wheat.
Soybean futures were pressured overnight by weekend rainfall across the Corn Belt, while wheat rallied amid mounting tensions in the Black Sea. Corn was caught in the middle and traded on both sides of unchanged.
USDA’s annual survey finds 8.1% gain in average cropland values
Access this week’s newsletter here.
Grain and soy futures are expected to open solidly higher amid increased geopolitical tensions.
Corn, soybeans and wheat traded sharply higher overnight amid rising geopolitical tensions after Ukraine attacked a major Russian Black Sea port.
Our monthly and quarterly price forecasts, including the first projections for the first quarter of 2024.