Agriculture News
As of July 12, 69% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, down one percentage point from the previous week.
USDA’s corn, soybean and wheat ending stocks forecasts topped pre-report expectations, as did the U.S. all-wheat crop estimate.
Markets continue downward trade on upward revisions in July WASDE.
Grain/soy futures expected to open daytime trade sharply lower on followthrough from heavy selling overnight and negative outside markets.
Corn, soybean and wheat futures faced heavy pressure overnight after initially trying to work to the upside.
The corn and soybean crops posted modest gains, while spring wheat improved notably.
Outside markets influenced grain and livestock markets to varying degrees in volatile trade to open the week.
Soybean export inspections fell shy of expectations.
USDA will update balance sheets to reflect June 1 stocks and its new-crop planted acreage estimates. USDA will also release its first all-wheat production estimate.
Short-term trends turn sideways for corn and soybeans.