Agriculture News
Soybeans have posted net sales reductions for 2021-22 for six of the past seven weeks.
Two-sided trade was seen in a relatively quiet overnight session, but corn, soybeans and wheat are firmer and near their session highs this morning.
Corn and soybean basis inched lower over the past week but remained historically strong.
USDA’s initial survey-based corn and soybean crop estimates will be based mostly on farmer surveys and satellite imagery.
Traders slashed bets the Fed cut interest rates by 75 basis points again in September following the bigger-than-expected slowdown in consumer inflation.
Corn, soybean and wheat futures were boosted by followthrough buying during overnight trade.
USDA’s cuts to crop condition ratings Monday afternoon fueled buying in grain and soy markets overnight.
The spring wheat CCI rating also declined from the previous week.
USDA’s annual survey finds strong gains in cropland, pasture and farm real estate values.
Corn export inspections fall well short of expectations.