Agriculture News
USDA reported weekly export inspections for week ended March 2, which showed corn inspections notably above pre-report expectations, while wheat and soybean inspections each missed the low-end pre-report range.
Corn, soybean and wheat futures built on yesterday’s corrective gains during the overnight session.
Corn basis firmed, though the average cash price fell sharply.
Soybeans are expected to open firmer on corrective buying. Corn and wheat are likely to be mixed.
Modest corrective buying was seen in the corn, soybean and winter wheat markets overnight following recent, sharp price losses.
Soybeans are expected to lead losses in the grain and soy markets this morning in a continuation of price pressure from overnight trade.
Soybeans faced followthrough selling overnight. Corn and wheat posted two-sided trade but have weakened early this morning.
Most of the decline in wheat conditions in February was in top producer Kansas.
Soybean export inspections for week ended Feb. 23 missed low-end expectations by 159,000 MT and were down from the previous week by 893,000 MT. Though wheat inspections were above top end estimates by over 90,000 MT.
Short-term trend turns bearish for corn, SRW wheat.
Corn and soybeans are expected to see mild corrective buying, while followthrough selling is likely in the winter wheat markets.