Agriculture News
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.
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.
HRW wheat conditions are still below when the crop entered dormancy and historically low.
Soybeans and wheat extended Monday’s gains overnight. Corn modestly pulled back but there was another daily old-crop corn export sale that could provide support during daytime trade.
Soybeans extended Monday’s strong gains overnight, while corn modestly pulled back and wheat traded narrowly on both sides of unchanged.
Weekly export inspections for week ended March 23 revealed a notable drop in corn inspections from the previous week, while wheat and soybeans were each higher on the week.
Choppy price action is being seen in the grain and soy markets to open the week ahead of key USDA data on Friday.
Another daily old-crop corn export sale, this time two cargoes to unknown destinations.