Agriculture News
Basis for both corn and soybeans dropped over the past week but remained positive and above average.
Corn, soybeans and wheat posted active followthrough buying overnight on help from surging crude oil futures.
Soybean planting intentions and March 1 stocks came in lower than expected.
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USDA’s Quarterly Stocks data showed figures lower than the average trade guess, sending the soybean market higher, while the news also led corn higher, though gains have been capped by higher-than-expected acres.
Quiet trade is expected ahead of USDA’s Prospective Plantings and Quarterly Grain Stocks Reports at 11 a.m. CT.
Price action was relatively quiet in the grain and soy markets overnight as traders await key USDA report data later this morning.
Data was mostly neutral and shouldn’t have a direct impact on trade Friday.
Grain and soy futures are expected to open with a firmer tone this morning on support from HRW crop concerns and bullish corn export demand news as there was another daily corn sale to China.
USDA reported weekly soymeal sales of 377,900 MT in week ended March 23, which was up noticeably over the previous week and 81% from the four-week average.
Price action was light and two-sided overnight, but a mostly firmer tone has developed this morning.