Agriculture News
Corn and wheat futures worked mildly higher overnight following Thursday’s sharp losses. Soybeans extended yesterday’s sharp loses.
USDA’s Cold Storage Report signaled demand is not keeping pace with supplies amid near-record retail prices.
Mounting recessionary concerns triggered heavy liquidation pressure in the grain and soy markets overnight.
But he acknowledged that a recession was ‘certainly a possibility’ given the global situation. Recessionary fears are building with economists.
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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