Agriculture News
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.
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.