Agriculture News
USDA’s quarterly grain stocks data showed YOY increases for corn, soybeans and wheat. Corn stocks were pegged at 1.376 billion bu., below the average trade estimate of 1.512 bb, with soybeans 32 million bu. higher.
The national average corn basis turned negative for the first time since mid-April.
Corrective buying was seen in the grain and soy complex overnight as the U.S. dollar pulled back and crude oil firmed.
CCI ratings have dropped 11 consecutive weeks for corn and eight straight for soybeans.
Weekly grain inspected for export through Sept. 22, proved dismal as corn and soybean inspections were reported below expectations, while wheat inspections were notably lower for the week but within the expected range.
No changes to short-, intermediate or long-term trends this week.
Outside markets and global economic concerns weighed on grain and soy markets overnight.
Both placements and marketings were near the top end of pre-report estimates.
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Outside markets weighed heavily on the grain and soy complex overnight as the U.S. dollar strengthened to a fresh 20-year high and front-month crude oil dropped to near $80.00.
The smaller-than-normal rise in frozen meat stocks came despite hefty monthly increases in beef and pork production, implying demand was strong and outpaced supplies.