Agriculture News
After trading higher earlier in the overnight session, corn, soybeans and wheat have turned mostly lower early this morning.
Soybeans traded higher on corrective buying early in the overnight session but are weaker this morning, while corn and wheat pivoted around unchanged.
USDA reported 23,000 MT of soybean reductions for week ended March 2, a new marketing year low, while corn sales proved solid, landing near the top-end of the expected pre-report range of 1.2 MMT.
Corn and soybeans are expected to open slightly firmer. Wheat will continue to struggle to find buyers.
Corn and soybeans traded higher overnight, while the wheat market turned mixed this morning after corrective gains earlier in the session.
USDA made limited revisions to its balance sheets this month, as expected.
USDA’s March WASDE showed corn domestic and global ending stocks above pre-report estimates, while soybeans and wheat were each slightly lower than expectations.
Light price action is likely this morning as traders await USDA’s Supply & Demand Report.