Agriculture News
Scouts measured average corn yield potential of 158.53 bu. per acre. Pod counts in a 3’x3’ square averaged 1063.72.
Soybeans and wheat are pulling support from outside markets, while corn is mildly favoring the downside.
Weekly export inspections for week ended Sept. 29 reported wheat inspections notably above expectations, while corn and beans were as expected. Soybean inspections are currently running 3.2% behind a year ago.
Short-term trend turns bearish for soybeans, rice, live cattle and lean hog futures.
Corn and wheat futures traded solidly higher overnight, while soybeans favored the upside in two-sided trade.
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USDA’s quarterly grain stocks data showed YOY increases for corn, soybeans and wheat. Corn stocks were pegged at 1.376 billion bu., below the average trade estimate of 1.512 bb, with soybeans 32 million bu. higher.
Sept. 1 corn stocks came in 135 million bu. below the average pre-report trade estimate. The wheat production estimate was 128 million bu. lower than traders anticipated.
Wheat futures were supported overnight by Black Sea supply concerns as Russia was set to annex four regions of Ukraine. Corn and soybeans followed wheat higher.
USDA estimated the U.S. hog herd has contracted to 73.8 million head as of Sept.1, down 1.1 million head (1.4%) from year-ago and 468,000 head smaller than the average pre-report estimate.
Sharp drop in cash corn and soybean prices over the past week.