Agriculture News
Soybean futures are trading solidly higher, while corn is mostly firmer and wheat futures are mixed to open the week.
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Grain and soy markets are expected to favor the downside this morning, though corn could find some support from daily export sales to China.
Soybeans faced pressure overnight after a poor close on Thursday, while wheat traded mostly lower and corn was narrowly mixed.
Soybeans are expected to open higher, with wheat likely to face pressure. Corn will be caught in the middle but could pull support from daily export sales to China.
Weekly corn sales landed just above the low-end pre-report estimate, down 58% from the week prior and 68% from the four-week average. Soybean sales were up notably from the week prior and 17% from the four-week average.
Soybean futures extended this week’s price gains overnight, while wheat traded lower and corn was mixed.
As a result of tighter global exportable supplies and higher industrial consumption, soybean oil as a percentage of global vegetable oil consumption is forecast to fall below 30% in 2022-23.
Cash corn prices showed little change over the past week; soybean prices weakened.