Agriculture News
Wheat futures were supported by mild corrective buying overnight, while corn and soybeans pulled back from yesterday’s gains.
The corn CCI rating has dropped for five straight weeks.
Export Inspections for week ended August 11, 2022 were within trade expectations, but well below last week’s figures. Corn, Soybeans, and wheat continue to fall behind year-ago levels.
Short-term trend turns up for corn, soymeal and cotton.
Soybeans led a round of heavy, broad-based selling across the grain and soy markets overnight amid favorable weather, along with heightened Chinese tensions and economic concerns.
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The initial corn crop estimate came in slightly lower than anticipated.
After two-sided trade earlier overnight, a weaker tone has developed in the grain and soy markets this morning, led lower by wheat.
Diesel prices continue to ease, though they remain well above year-ago.
Drought conditions improved across the northern and eastern Corn Belt over the past week, while they worsened in western and southern areas.
Soybeans have posted net sales reductions for 2021-22 for six of the past seven weeks.