Agriculture News
Wheat futures led losses in the grain markets overnight, while corn and soybeans posted lesser declines.
Grains faced followthrough selling early in the overnight session, but markets are higher this morning amid corrective buying, led by wheat.
Soybeans fell below Monday’s lows overnight, while corn held that support and wheat pivoted around yesterday’s lows.
The corn CCI rating slipped despite the unchanged good/excellent national ratings, as Iowa and Nebraska both declined.
USDA reported weekly inspections as of July 28, revealing increases in corn and soybean inspections on the week, as wheat fell behind by over 200,000 MT. Corn, soybeans, wheat continue to lag behind year-ago paces.
Short-term trend turns up for soybeans, soymeal, live cattle and lean hogs.
Corn and wheat futures were pressured overnight by news the first ship carrying Ukrainian grain left the port of Odesa.
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Soybean futures sharply extended this week’s price surge overnight amid forecasts calling for hot and dry conditions in early August. Corn and wheat also posted strong gains.
Farm diesel prices are falling but still 75% above year-ago.
As of July 26, 68% of the U.S. was experiencing abnormal dryness/drought, down one percentage point from the previous week, but flash drought intensified over parts of the Great Plains, Ozarks, and Mississippi Valley.