Agriculture News
USDA reported net soybean sales of 1.13 MMT for the week ended Aug. 7, with sales primarily to unknown destinations. Meanwhile, old-crop corn and soybean sales each carved marketing-year lows.
This week, the team discusses what to look for and what to expect from Tuesday’s USDA reports.
Soybean futures shot higher overnight...
Market is factoring in an above trendline yield ahead of Tuesday’s USDA crop report.
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Corn and soybean acres impacted by drought have declined every week since late May
Cash prices are on the decline as harvest approaches
New-crop corn sales blew past expectations, while wheat and old- and new-crop soybean sales were also stronger than expected.
Prices continue to track well above last year