Agriculture News
Scouts measured average corn yield potential of 196.30 bu. per acre for Illinois. Pod counts in a 3’x3’ square averaged 1,279.79.
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.
Sharp fluctuations in some of the world’s major currencies are injecting new uncertainty into the global economic outlook.
Despite rains on parts of the Plains, the drought footprint expanded across HRW wheat regions and now covers 64% of U.S. winter wheat area.
Weekly export sales data for week ended Sept. 22 revealed a sizable figure for soybeans at 1,003,000 MT, while corn and wheat each landed within the range of expectations.
Overnight trade was light and two-sided, though buyer interest is building with grain and soy markets trading near session highs this morning.
The national average corn basis turned negative for the first time since mid-April.