Agriculture News
Wheat futures surged overnight amid news Russia is rethinking the Ukraine grain export deal. Corn and soybeans followed wheat to the upside.
Corn and soybeans faced followthrough selling overnight while wheat retreated from Wednesday’s gains amid pressure from outside markets and building global recessionary concerns.
Results of Mid-Year Snapshot Survey by Illinois Society of Professional Farm Managers and Rural Appraisers
USDA raised its forecasts for ag exports and imports in fiscal year (FY) 2022. The initial forecast for FY 2023 projects ag exports will decline $2.5 billion and imports will rise another $5 billion.
Corn, soybean and wheat futures built on Tuesday’s losses during overnight trade.
Corn and wheat futures pulled back from Monday’s gains overnight, while the soybean market faced followthrough selling.
The corn CCI rating is the lowest for late August since 2013.
Weekly export inspections for week ended August 25, 2022 revealed mid-range inspections for corn and wheat, while soybeans fell short of trade expectations.
Short-term trend turns bearish for lean hog futures.
Corn futures extended last week’s gains overnight, while soybeans and wheat traded lower.