Agriculture News
Wheat futures are under sharp pressure to open the week, which is weighing on corn. Soybeans are mildly supported by export sales to China.
Weekly export data for week ended Sep. 8 reported soybean export sales have had a considerable start to the marketing year; ahead of last year’s pace, while corn lags by 50%.
Corn and soybeans mildly rebounded overnight from losses the two previous days, while wheat pulled back from recent gains.
Corn and soybean basis continues seasonal decline as harvest increases.
Soybeans and wheat favored the upside is quiet, two-sided trade overnight, while corn faced light selling pressure.
Soybean futures built on Monday’s strong gains overnight, while wheat rebounded from yesterday’s losses and corn favored the upside is light, two-sided trade.
CCI ratings have declined for nine straight weeks for corn and six consecutive weeks for soybeans.
USDA cut its soybean crop estimate by 153 bu. from last month, whereas traders expected a 35-million-bu. reduction.
USDA reduced the national corn yield as expected, but trimmed soybeans a bushel more than the average trade estimate of 51.5 bpa in its release of the September WASDE.
Weekly export inspections for week ended Sep. 8 revealed wheat inspections above trade expectations; corn and soybean inspections continue to run ahead of year-ago levels.
