Agriculture News
Soybeans mildly built on Friday’s corrective gains during overnight trade while the corn and wheat markets pulled back.
USDA reported weekly corn sales in week ended March 16 at 3.096 MMT, while soybeans and wheat each missed the low-end of their respective pre-report ranges.
Corn futures built on Wednesday’s corrective gains overnight, while soybeans and wheat bounced after recent losses.
Cash corn, soybean and wheat prices are well under year-ago.
The Federal Reserve raised interest rates 25 basis points but seemed to give mixed signals on further monetary policy action. The benchmark lending rate was increase to a range of 4.75% to 5.00%.
Cash livestock and wholesale meat prices dropped over the past week.
Grain and soy complex futures are expected to open solidly lower on followthrough selling after bears controlled overnight trade.
Bears controlled price action overnight, with corn, soybean and wheat futures trading solidly lower and near their session lows this morning.
Corn, soybeans and wheat finished higher and near their session highs overnight, which should fuel followthrough buying this morning.
Light corrective buying has surfaced in some of the grain and soy futures early this morning after they faced pressure for much of overnight trade.
Corn, soybeans and wheat export inspections each topped the previous week, though soybean Inspections continue to run ahead of last year by nearly 3.0%, while corn lags by over 36.0%, with wheat behind by 1.6%.