Agriculture News
Wheat futures were supported overnight by the bigger-than-expected decline in crop condition ratings, while corn and soybeans faced mild selling pressure.
Quiet trade is expected ahead of USDA’s Prospective Plantings and Quarterly Grain Stocks Reports at 11 a.m. CT.
Price action was relatively quiet in the grain and soy markets overnight as traders await key USDA report data later this morning.
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.