Agriculture News
Drought conditions improved across the northern and eastern Corn Belt over the past week, while they worsened in western and southern areas.
USDA’s annual survey finds strong gains in cropland, pasture and farm real estate values.
Corn export inspections fall well short of expectations.
Wheat futures led losses in the grain markets overnight, while corn and soybeans posted lesser declines.
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Grain and soybean futures are expected to open lower amid a favorable near-term weather forecast and outside market factors.
After failing to find sustained followthrough from Thursday’s gains early in the overnight session, corn, soybean and wheat futures faded.
Our updated monthly and quarterly forecasts, including the first outlook for first quarter 2023.
Based on the Drought Monitor, USDA estimates the drought footprint at 31% for corn acres, 28% for soybeans, 17% for spring wheat and 65% for cotton.
Soymeal and new crop corn, soybean sales remain relatively stable, cotton sales fall to another marketing-year low.