Agriculture News
Weekly corn inspections topped pre-report estimates of 1.35 MMT for week ended April 27, while wheat was near the top-end pre-report range and soybeans mid-range.
Grain and soy futures will face followthrough selling amid eroding technicals and no indication from export sales data that prices are ‘cheap enough.’
Weekly corn, soybean and wheat sales were all within their respective ranges for week ended April 20. While cotton and pork sales were each up noticeably from the previous week and the four-week average.
Early corrective buying dried up overnight and grain/soy futures are trading lower and on session lows this morning.
Basis for corn and soybeans dropped despite a sharp decline in futures over the past week.
Grain and soy futures are expected to have a varied tone at the start of daytime trade.
Corn and soybeans posted mild corrective gains overnight, while wheat traded on both sides of unchanged.
Crop Consultant Dr. Michael Cordonnier’s expectations for corn and soybean plantings.
Data highlights supportive supply fundamentals for beef, struggles for pork
All food prices are now forecast to rise 6.5% in 2023 (range of 4.9% to 8.2%), down from an expected 7.5% increase last month.