Agriculture News
Corn, soybean and wheat futures extended recent losses overnight amid a lack of supportive news and elevated risk aversion.
USDA reported corn inspections of 1.215 MMT in week ended April 13, topping the pre-report range of 700,000 MT to 1.05 MMT
Soy futures are expected to open firmer on support from an Argentine grain inspector strike at ports. Corn and SRW wheat are also expected to trade higher, while HRW and HRS wheat futures will likely face light selling.
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.