Agriculture News
Wheat futures gapped higher overnight but reversed lower and are under heavy pressure this morning. Corn and soybeans also traded lower.
Wheat futures rocketed higher on the bullish report data.
Weekly old-crop corn and soybean export sales were a marketing-year low. Beef export sales were a high for the year and pork sales were also strong.
Soybeans and wheat pulled back from Wednesday’s gains, while corn was mostly firmer overnight. Trade was quiet as traders await USDA’s May crop reports later this morning.
Basis firmed for both corn and soybean and is well above futures.
Corn, soybean and wheat futures built on Tuesday’s gains overnight amid supportive outside markets.
USDA’s May 12 Supply & Demand Report will be the first official release of balance sheets for 2022-23, along with usage adjustments for the old-crop marketing year.
Corn, soybean and SRW wheat futures recouped a portion of Monday’s losses overnight. HRW and HRS futures firmed more than they lost yesterday.
Recent rains spurred mild improvement in HRW ratings; SRW ratings declined.
Corn, soybean and wheat export inspections all declined from the previous week
