Agriculture News
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 markets are expected to open sharply higher amid weather and crop concerns for corn and soybeans.
Mounting weather concerns supported corn and soybean futures overnight, while wheat followed to the upside.
Iowa DDG prices fall below $200 per ton; Illinois soymeal prices nearing $400 per ton.
The Fed hit the pause button this month, but new projections show another two rate hikes are likely this year.
Basis dropped for both corn and soybeans but remained better than average.
Grain and soy futures are expected to open moderately to sharply lower despite supportive outside markets.
Corn and soybeans pulled back from their recent gains during overnight trade. Wheat was led lower by HRW contracts amid increased harvest activity.
Corn and soybeans are expected to open moderately to sharply higher on support from crop concerns. Wheat is likely to be mixed.
Corn and soybeans were supported overnight by the bigger-than-expected declines in crop condition ratings, while wheat faced price pressure.
Corn and soybean CCI ratings are well below year-ago, while the spring wheat rating is still above last year at this time.