Agriculture News
Soybeans fell below Monday’s lows overnight, while corn held that support and wheat pivoted around yesterday’s lows.
Weekly export sales this morning for week ended July 21 revealed a continued theme of sluggish new-crop corn and old-crop soybean sales. New crop soybean sales were the bright spot; well above expectations.
Corn and soybean futures were supported by followthrough buying overnight amid forecasts calling for hot and dry conditions next week, while wheat rebounded from Wednesday’s losses.
Cash soybean prices posted a big gain over the past week.
Potential impacts of higher interest rates on farmland values and cash rents.
Grain and soybean futures posted two-sided trade overnight but are higher and trading near session highs this morning.
Corn and soybean futures gapped higher overnight after USDA’s crop condition ratings dropped more than expected. Wheat futures followed to the upside.
Corn and soybean CCI ratings are below their respective five-year averages, while the spring wheat rating is still well above its average for the date.
Export inspections for week ended July 21, 2022 were within estimated ranges for corn, soybeans and wheat, however the current year’s pace continue to fall behind last year.
Grain and soy futures firmed overnight amid concerns about the deal to restart Ukraine’s grain exports and forecasts calling for a return of heat and dryness after some temporary relief.
USDA’s Cattle Inventory Report showed the U.S. cattle herd contracted 2.0% as of July 1. The Cattle on Feed Report showed the July 1 feedlot inventory up 0.4% from year-ago.