Agriculture News
This year’s negative PDO has been significantly negative for 21 straight months. At the same time, NOAA predicts a strong evolution toward El Niño late this spring and early summer.
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%.
Unease with the global economy tied to the banking sector will weigh on grain and soy futures.
Short-term trends turn bearish for soybeans and lean hog futures.
Bears controlled price action in the grain and soy markets overnight amid ongoing macroeconomic unease.
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Grain and soy futures are expected to open higher. There was another daily corn sale to China.
Corn, soybeans and wheat were supported by corrective buying and outside markets overnight.