Agriculture News
Corn and wheat traded lower overnight on followthrough selling, while soybeans faced two-sided trade.
The Seasonal Drought Outlook indicates drought will persist or develop across most areas of the Plains, Delta and Southeast, though there could be some improvement in the Ohio River Valley.
There were “targeted improvements in the Southern Plains,” though none of that came in the major HRW wheat production states.
Weekly export sales for week ended Oct. 13 revealed soybean sales over 2 MMT, while corn fell within pre-report estimates, but continues to lag last year’s pace by over 50%. Wheat missed low-end expectations by 30 MT.
Supportive outside markets helped fuel a corrective rebound in grain and soy futures overnight.
Basis improves for both corn and soybeans despite Mississippi River shipping issues.
Specifically relating to agriculture, the Fed noted “reports were mixed, as drought conditions and high input costs remained a challenge.”
Soybean futures extended Tuesday’s losses overnight, while corn traded lower for a fourth straight day. Wheat futures rebounded from Tuesday’s losses.
Corn, soybean and wheat futures faced solid selling pressure overnight and are near their session lows this morning.
Weekly export inspections for week ended Oct. 13 reported a notable figure for soybeans, however the current pace is falling considerably behind last year’s. Wheat inspections fell short, with corn just above low range.
