Agriculture News
Grain and soy futures favored the downside overnight as anxiety with the U.S. banking situation triggered general risk aversion.
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.
Corn, soybeans and wheat faced light selling pressure during a relatively quiet overnight session.
Farmers’ perspectives regarding both current conditions on their farms and their expectations for the future both weakened slightly.
Corn and soybeans are expected to open under light pressure, while wheat is anticipated to be mixed.
Corn, soybean and wheat futures traded narrowly on both sides of unchanged in a lightly traded overnight session.
USDA reported weekly export inspections for week ended March 2, which showed corn inspections notably above pre-report expectations, while wheat and soybean inspections each missed the low-end pre-report range.
Grain and soybean futures are expected to open under pressure, with wheat the downside price leader.