Agriculture News
Corn and wheat futures traded solidly higher overnight, while soybeans favored the upside in two-sided trade.
Weekly export sales data for week ended Sept. 22 revealed a sizable figure for soybeans at 1,003,000 MT, while corn and wheat each landed within the range of expectations.
Overnight trade was light and two-sided, though buyer interest is building with grain and soy markets trading near session highs this morning.
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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