Agriculture News
Corn, soybeans and wheat traded on both sides of unchanged while holding in relatively tight ranges during the overnight session.
Weekly corn and soybean inspections during the week ended Oct. 17 rose solidly from the previous week, each landing near the upper-end of pre-report expectations. Wheat inspections declined over 100,000 MT, missing analysts’ range of expectations.
Grain and soybean futures open the week mildly higher on light corrective buying.
Short-term trend turns bearish for corn and soybeans.
Corn, soybeans and wheat mildly rebounded overnight from poor closes last Friday.
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Corn sales during the week ended Oct 10, rose 82% from the previous week and noticeably from the four-week average. Soybean sales were also notable at 1.70 MMT, rising 35% on the week.
Corn and soybean futures mildly extended Thursday’s corrective gains during overnight trade, while wheat pivoted around unchanged.
Sharp drop in weekly cash corn and soybean prices as harvest remains rapid.
ENSO-neutral conditions remain in place, but CPC signals there are 60% odds a weak La Niña event will develop by the end of November and persist through winter.
Corn, soybeans and the winter wheat markets faced price pressure overnight, while spring wheat traded mildly higher.
Notable weekly declines in cash prices for corn, soybeans and wheat.
Corn, soybean and spring wheat futures posted mild corrective gains overnight, while the winter wheat markets faced light followthrough selling.
Corn inspections during the week ended Oct. 10 totaled 430,323 MT, down 518,000 MT from the previous week and well below the pre-report range.
Corn, soybeans and wheat are under pressure to start the week. Cattle futures are choppy with lean hogs mixed…