Agriculture News
USDA reported weekly sales in week ended March 30 were down 55% from the previous week and 42% from the four-week average, while corn sales rose 20% on the week, but were down 26% from the four-week average.
Wheat futures were supported overnight by the bigger-than-expected decline in crop condition ratings, while corn and soybeans faced mild selling pressure.
The HRW CCI rating is well below last fall and year-ago. The SRW rating is above both last fall and last year.
Wheat export inspections in week ended March 30 were reported at 168,543 MT, missing the low-end of the pre-report range by over 130,000 MT. Corn inspections were notable, but still lag last year’s pace by nearly 37%.
Corn, soybeans and wheat are expected to open higher after strong gains overnight amid support from surging crude oil futures.
Short-term trends turn bullish for corn, soybeans, live cattle and feeder cattle
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.