Agriculture News
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.
Wheat futures traded higher to open the week amid global supply concerns, while soybeans softened and corn was caught in the middle.
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Corn and wheat are expected to trade lower, with soybeans likely to favor the upside.
Weekly export sales through week ended Oct. 6 revealed corn below expectations for the second straight week, with beans, wheat on the low end of pre-report estimates. However, bean sales continue to outpace last year.
Markets reversed their price trends from Thursday in overnight trade, as corn and wheat pulled back while soybeans firmed.