Agriculture News
Corn, soybean and wheat export inspections all fell short of expectations and below the required paces to hit USDA’s export forecasts.
The corn, soybean and winter wheat markets built on Tuesday’s strong gains overnight, while spring wheat firmed after small losses yesterday.
Corn and wheat futures posted strong gains on corrective buying overnight, while soybeans sharply extended Monday’s gains.
The corn CCI rating is now below the five-year average for the first time this year. The soybean and spring wheat ratings remain above average.
Corn futures traded lower throughout the overnight session, while soybeans and wheat rebounded from initial losses.
Recessionary fears are building, which triggered heavy long liquidation in commodities last week.
USDA’s Cold Storage Report signaled demand is not keeping pace with supplies amid near-record retail prices.
Mounting recessionary concerns triggered heavy liquidation pressure in the grain and soy markets overnight.
But he acknowledged that a recession was ‘certainly a possibility’ given the global situation. Recessionary fears are building with economists.
