Agriculture News
Recent rains have eased drought in the Southern and Central Plains, but the relief is too late for much of the crop.
Corn export inspections topped the upper end of trade expectations at nearly 1.7 MMT.
Short-term trends turn bullish for soybeans and soymeal.
Wheat futures posted strong corrective gains overnight, while the corn and soybean markets followed to the upside.
USDA’s estimated April placements down 0.9% from last year, whereas traders expected a 4.6% decline, on average.
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Wheat futures faced followthrough selling pressure overnight, while corn also traded lower. Soybeans have turned mixed after earlier weakness.
The Rural Mainstreet Index finds loan volumes up on increased input costs.
Big weekly gains in cash prices for corn, soybeans and wheat.
Drought still covers two-thirds of U.S. winter wheat area.
If the forecast verifies, it suggests crop stress could develop across the western Corn Belt and persist in the Southern Plains