Agriculture News
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%.
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.
March Iowa Chapter of the RLI finds slight boost in farmland values.
Corn and soybean basis firmed despite strong rises in cash prices.
FAPRI’s baseline projections are based on data as of January.
Wheat futures will lead the ongoing price recovery in the grain and soy markets as Cargill says it will cease Russian grain shipments starting July 1.
Wheat futures extended their recent corrective gains overnight. Corn followed to the upside while soybeans pivoted around unchanged.