Agriculture News
As of Aug. 16, 67% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, up one point from the previous week. Rainfall across the Midwest was ‘hit-and-miss.’
Soybeans led a round of heavy, broad-based selling across the grain and soy markets overnight amid favorable weather, along with heightened Chinese tensions and economic concerns.
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The initial corn crop estimate came in slightly lower than anticipated.
After two-sided trade earlier overnight, a weaker tone has developed in the grain and soy markets this morning, led lower by wheat.
Diesel prices continue to ease, though they remain well above year-ago.
Drought conditions improved across the northern and eastern Corn Belt over the past week, while they worsened in western and southern areas.
Soybeans have posted net sales reductions for 2021-22 for six of the past seven weeks.
Two-sided trade was seen in a relatively quiet overnight session, but corn, soybeans and wheat are firmer and near their session highs this morning.
Corn and soybean basis inched lower over the past week but remained historically strong.
USDA’s initial survey-based corn and soybean crop estimates will be based mostly on farmer surveys and satellite imagery.