Agriculture News
Two-sided trade was seen in the grain and soy markets overnight, with corn and wheat firmer this morning while soybeans is modestly weaker.
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.
Followthrough from strong overnight gains in grain/soy futures. Cattle and hogs also expected to open higher. Outside markets could curb buying in grain/livestock markets.
Corn, soybean and wheat futures gapped sharply higher at the start of overnight trade. While prices remain sharply higher, futures are trading low range this morning.
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Corn and wheat futures built on Thursday’s strong corrective gains during overnight trade. Soybeans traded higher initially but failed to sustain the firmer tone.
Cash prices for corn, soybeans and wheat plunged over the past week.
USDA estimates the drought footprint at 29% for corn (up six points from last week), 22% for soybeans (up seven points), 19% for spring wheat (unchanged) and 68% for cotton (up seven points).