Agriculture News
Bankers worry rising input costs may combine with declining commodity prices to strain rural America.
The spring wheat CCI rating rose to its highest of the growing season.
Export Inspections for week ended July 14, were within the range of estimates for corn and soybeans, while wheat fell shy of what was expected.
Short-term chart trends mostly unchanged from the previous week.
Corn, soybeans and wheat all traded solidly higher overnight amid a round of corrective buying.
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Corn and soybeans are expected to open firmer, with corn getting a boost from a daily sale to China for 2022-23. Wheat is expected to open weaker.
Modest corrective buying was seen in the corn, soybean and wheat markets overnight as traders continued to monitor weather and macroeconomics.
As of July 12, 69% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, down one percentage point from the previous week.
Corn and wheat are expected to open firmer based on late strength overnight but buying may be limited given negative outside markets.