Agriculture News
Based on the Drought Monitor, USDA estimates the drought footprint at 31% for corn acres, 28% for soybeans, 17% for spring wheat and 65% for cotton.
Soymeal and new crop corn, soybean sales remain relatively stable, cotton sales fall to another marketing-year low.
Two-sided trade was seen in the grain and soy markets overnight, with corn and soybeans mildly weaker and wheat favoring the upside this morning
Corn and soybean basis declines from recent peaks but remains well above average.
Grains faced followthrough selling early in the overnight session, but markets are higher this morning amid corrective buying, led by wheat.
Soybeans fell below Monday’s lows overnight, while corn held that support and wheat pivoted around yesterday’s lows.
The corn CCI rating slipped despite the unchanged good/excellent national ratings, as Iowa and Nebraska both declined.
USDA reported weekly inspections as of July 28, revealing increases in corn and soybean inspections on the week, as wheat fell behind by over 200,000 MT. Corn, soybeans, wheat continue to lag behind year-ago paces.
Short-term trend turns up for soybeans, soymeal, live cattle and lean hogs.
Corn and wheat futures were pressured overnight by news the first ship carrying Ukrainian grain left the port of Odesa.