Agriculture News
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.
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.
Cash cattle prices reached an all-time high. Choice beef prices also surged, but are still far from their peak.
Wheat futures are expected to lead price gains amid HRW crop concerns and on support from outside markets.
Corn and wheat futures rebounded from Tuesday’s losses overnight, while soybeans pulled back from yesterday’s gains.
IMF expects global growth of 2.8% this year and 3% in 2024, slightly below its forecasts published in January.
Traders expected USDA to cut its corn and soybean ending stocks forecasts after March 1 stocks came in lower than anticipated.
USDA kept corn and soybean ending stocks unchanged from March, while traders were anticipating a reduction for both crops. Meanwhile, wheat ending stocks rose as expected.
Positioning is expected ahead of USDA’s April crop reports at 11 a.m. CT.
Soybean futures posted corrective gains overnight, while wheat pulled back from Monday’s gains and corn held near unchanged.