Agriculture News
Corn and wheat futures faced followthrough selling overnight, while soybeans gave back more than they gained on Wednesday.
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Grain and soy complex futures were pressured overnight by outside markets and concerns about demand.
Average cash steer price rises to the highest since 2015.
As of Oct. 25, 84% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, including 74% of winter wheat areas.
Weekly export sales for week ended Oct. 20 revealed a continuance of lackluster corn export sales, while soybeans remain steady, maintaining a pace slightly ahead of last year. Wheat topped expectations by over 80 MT.
Wheat futures built on Wednesday’s gains overnight amid global supply worries, while the corn and soybean markets followed to the upside.
Basis is better than average for corn and soybeans despite Mississippi River transportation slowdowns.
Corn and soybean futures found followthrough buying overnight while wheat futures rebounded as markets were supported by the recent sharp pullback in the U.S. dollar.
Food price forecasts continue to rise and are well above historical average rates.
Corn and wheat traded lower overnight on followthrough selling, while soybeans faced two-sided trade.