Agriculture News
Corn, soybean export sales above expectations
Wheat futures gapped lower overnight after limit-down closes on Wednesday and sharply extended losses. But wheat filled the gaps and is trading higher this morning, as are corn and soybeans.
Wheat basis plunged over the past week amid the surge in futures.
USDA reflected no expected increase in U.S. wheat exports, despite the Russia/Ukraine conflict. U.S. corn exports were increased to reflect fewer anticipated shipments from Ukraine.
U.S. bean and corn carryout stocks decreased, wheat increased
Winter wheat futures traded sharply lower overnight but generally held above Tuesday’s lows. Soy complex futures traded sharply higher. Corn mildly favored the downside.
May SRW wheat is higher this morning after extremely volatile trade overnight, but other wheat contracts and corn are lower. Soybeans are firmer.
USDA on Wednesday should increase U.S. corn and wheat exports to reflect major uncertainties with Black Sea grain shipments.