Agriculture News
Day 2 observations and comments from Mark Bernard, consultant on the eastern leg of the Pro Farmer Crop Tour.
USDA’s weekly export inspections proved steady for corn, soybeans and wheat for week ended August 18. Corn and wheat inspections were notably higher over the previous week, while soybeans fell behind.
Given that all three categories were on the bearish side of the average pre-report estimates, cattle futures will likely face pressure on Monday.
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Wheat futures were supported by mild corrective buying overnight, while corn and soybeans pulled back from yesterday’s gains.
Big price rebound for cotton following USDA’s much smaller-than-expected crop estimate on Aug. 12.
The NWS 30-day forecast calls for below-normal precip across the northern and western Corn Belt during September. There are also higher odds of above-normal temps over much of the western Corn Belt next month.
As of Aug. 16, 67% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, up one point from the previous week. Rainfall across the Midwest was ‘hit-and-miss.’
USDA export sales data through week ending August 11, revealed new-crop soybeans sales were the largest for either 2021-22 or 2022-23 since the end of March, with wheat export sales reaching a marketing-year low.
Active followthrough selling weighed on wheat overnight, while corn and soybeans faded amid spillover pressure and favorable weather forecasts.
Corn and soybean basis continues to slip ahead of harvest, but remains well above average.