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.
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.
The HRW CCI rating remains historically low, while the SRW crop is rated stronger than average for early spring.
USDA reported soybean and wheat export inspections of 669,566 MT and 335,444 MT, respectively; up over 165,000 MT from the previous week. While corn inspections dropped notably.
Wheat futures are expected to open firmer, with HRW contracts likely to lead gains amid weather concerns.
Short-term, intermediate and long-term trends are all bullish for live cattle futures.
Wheat futures traded solidly higher coming out of the extended holiday weekend, while corn favored the downside and soybeans traded mixed.
The credit could provide a major boon to biofuel products made of wastes and oils, but producers are also eyeing a big new market for corn-based ethanol.
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