Agriculture News
Traders expected USDA to cut its corn and soybean ending stocks forecasts after March 1 stocks came in lower than anticipated.
The credit could provide a major boon to biofuel products made of wastes and oils, but producers are also eyeing a big new market for corn-based ethanol.
Access this week’s newsletter here.
Corn and soybeans are expected to open lower on followthrough selling from pressure overnight. Weekly soybean sales were disappointing.
USDA reported weekly sales in week ended March 30 were down 55% from the previous week and 42% from the four-week average, while corn sales rose 20% on the week, but were down 26% from the four-week average.
Corn and soybeans faced modest followthrough selling overnight, while wheat futures favored the upside in corrective trade.
Grain and soy futures traded solidly lower overnight, which is expected to spill into daytime trade.
Wheat futures led losses as grain and soy futures extended this week’s declines overnight.
Basis for both corn and soybeans dropped over the past week but remained positive and above average.
“Total gasoline inventories are lower today than they were last year when EPA issued waivers to address the nation’s fuel supply,” the organizations wrote.