Agriculture News
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.
Wheat futures led losses in the grain markets overnight, while corn and soybeans posted lesser declines.
Access your newsletter here.
Grain and soybean futures are expected to open lower amid a favorable near-term weather forecast and outside market factors.
After failing to find sustained followthrough from Thursday’s gains early in the overnight session, corn, soybean and wheat futures faded.
Our updated monthly and quarterly forecasts, including the first outlook for first quarter 2023.
Based on the Drought Monitor, USDA estimates the drought footprint at 31% for corn acres, 28% for soybeans, 17% for spring wheat and 65% for cotton.
Soymeal and new crop corn, soybean sales remain relatively stable, cotton sales fall to another marketing-year low.
Two-sided trade was seen in the grain and soy markets overnight, with corn and soybeans mildly weaker and wheat favoring the upside this morning
Corn and soybean basis declines from recent peaks but remains well above average.