Agriculture News
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.
Cash soybean prices posted a big gain over the past week.
Potential impacts of higher interest rates on farmland values and cash rents.
Grain and soybean futures posted two-sided trade overnight but are higher and trading near session highs this morning.
Corn and soybean futures gapped higher overnight after USDA’s crop condition ratings dropped more than expected. Wheat futures followed to the upside.
Corn and soybean CCI ratings are below their respective five-year averages, while the spring wheat rating is still well above its average for the date.
Export inspections for week ended July 21, 2022 were within estimated ranges for corn, soybeans and wheat, however the current year’s pace continue to fall behind last year.
Grain and soy futures firmed overnight amid concerns about the deal to restart Ukraine’s grain exports and forecasts calling for a return of heat and dryness after some temporary relief.
USDA’s Cattle Inventory Report showed the U.S. cattle herd contracted 2.0% as of July 1. The Cattle on Feed Report showed the July 1 feedlot inventory up 0.4% from year-ago.
While record June beef stocks could imply sluggish demand, it may also be related to facilities building inventories due to ongoing strong exports. Pork stocks declined less than average last month.
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