Agriculture News
Soybeans faced pressure overnight after a poor close on Thursday, while wheat traded mostly lower and corn was narrowly mixed.
IMF expects global growth of 2.8% this year and 3% in 2024, slightly below its forecasts published in January.
Traders expected USDA to cut its corn and soybean ending stocks forecasts after March 1 stocks came in lower than anticipated.
USDA kept corn and soybean ending stocks unchanged from March, while traders were anticipating a reduction for both crops. Meanwhile, wheat ending stocks rose as expected.
Positioning is expected ahead of USDA’s April crop reports at 11 a.m. CT.
Soybean futures posted corrective gains overnight, while wheat pulled back from Monday’s gains and corn held near unchanged.
The HRW CCI rating remains historically low, while the SRW crop is rated stronger than average for early spring.
USDA reported soybean and wheat export inspections of 669,566 MT and 335,444 MT, respectively; up over 165,000 MT from the previous week. While corn inspections dropped notably.
Wheat futures are expected to open firmer, with HRW contracts likely to lead gains amid weather concerns.
Short-term, intermediate and long-term trends are all bullish for live cattle futures.
Wheat futures traded solidly higher coming out of the extended holiday weekend, while corn favored the downside and soybeans traded mixed.