Agriculture News
U.S. government forecasters signal La Niña has ended, but the extended weather forecast from the National Weather Service continues to indicate La Niña-like weather will persist through June.
Corn and soybeans faced followthrough selling overnight, while the wheat market pulled back from Monday’s corrective gains.
Weekly export inspections for week ended March 9, showed corn inspections for the week at over 999,000 MT, near top-end pre-report estimates, while soybeans were mid-range. Wheat inspections were just shy expectations.
Grain and soy markets are expected to open under pressure amid broader risk aversion.
Grain and soy futures favored the downside overnight as anxiety with the U.S. banking situation triggered general risk aversion.
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Soybeans are expected to open with a weaker tone after price pressure overnight. Corn and wheat may receive some support from a sharp drop in the dollar.
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.