Agriculture News
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.
The report data is mildly negative compared with pre-report expectations, especially placements. But the report is not bearish.
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Corn and soybeans will face followthrough selling, while wheat will attempt to maintain modest corrective gains posted overnight.
Corn and soybean futures extended this week’s losses during overnight trade, while wheat traded mostly firmer on mild corrective buying.
It’s not just cash steer/heifer prices that are surging, boner/breaker prices are also rising.
Monthly banker survey finds slight uptick in attitudes.
The southern U.S. is expected to see above-normal temps through July, though the southeastern quadrant of the country will also experience above-normal precip.
Corn and soybean sales each missed their respective pre-report range for week ended April 13, though weekly wheat sales of 259,000 MT were 1 MT short of topping the pre-report range.
Grain and soy futures will face active followthrough selling after losses overnight and disappointing weekly export sales.
Corn, soybean and wheat futures extended recent losses overnight amid a lack of supportive news and elevated risk aversion.