Agriculture News
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.
While record June beef stocks could imply sluggish demand, it may also be related to facilities building inventories due to ongoing strong exports. Pork stocks declined less than average last month.
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Wheat futures faced heavy selling overnight, while corn extended this week’s sharp losses amid reports a deal to restart Ukrainian grain exports will be signed today.
Bankers worry rising input costs may combine with declining commodity prices to strain rural America.
NWS forecast calls for above-normal temps across most of the country for August through October. Below-normal rainfall is expected over most of the central and western Corn Belt.
There was some shifting in the drought footprint based on rains over the past week.
Weekly exports meet trade expectations for the week ended July 14, 2022.
Corn and soybean futures extended losses from the two previous days overnight. Wheat futures also weakened.
Corn and soybean basis remains well above the respective three-year averages.