Agriculture News
Corn and wheat futures posted strong gains on corrective buying overnight, while soybeans sharply extended Monday’s gains.
Wheat was supported by corrective buying overnight though futures are well off the highs this morning. Soybeans faced active followthrough selling, while corn was modestly lower.
The CCI ratings for all three crops are above the respective five-year averages for the date.
Inspections fell from the previous week for corn, soybeans and wheat.
Grain and soy complex futures are under solid pressure coming out of the holiday weekend, led lower by sharp losses in soyoil.
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Corn and soybean futures saw active followthrough buying overnight after strong gains Thursday, while the wheat market was quiet in two-sided trade.
Monthly survey finds negative impact from raging input costs, high expectations of recession.
Heat isn’t expected to build in the central and northern Corn Belt until after corn pollination.
Corn sales were a marketing-year low for 2021-22 and light for 2022-23, too.