Agriculture News
Soybeans posted double-digit gains overnight while corn followed to the upside. Wheat is narrowly mixed this morning after gains earlier during overnight trade.
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Soybeans extended corrective gains from the two previous days during overnight trade while corn and wheat also firmed.
Rains across the central U.S. this week should help but more will be needed.
Corn sales during the week ended Oct. 24 declined 35% from the previous week to 2.34 MMT, while wheat sales dropped 23%. Meanwhile, soybean sales rose modestly on the week to 2.27 MMT.
Soybeans extended Wednesday’s gains overnight, while corn and wheat futures weakened.
Soybean basis is slightly weaker than average.
Soybeans are firmer early this morning, while corn and wheat have weakened after two-sided trade overnight.
Corn, soybeans and wheat rebounded amid modest corrective buying during the overnight session.
The HRW crop starts the growing season well below year-ago and the five-year average.
Despite falling 155,000 MT from the previous week, soybean inspections remained strong during the week ended Oct. 24, landing near the top-end of analysts’ pre-report expectations. Corn and wheat inspections also declined and were near low-end estimates.
Corn and soybeans are under pressure as wheat chops around unchanged. Cattle futures are mixed with lean hog futures higher to start the week…
Corn and soybeans faced light followthrough selling after last Friday’s losses during the overnight session, while wheat has turned mixed early this morning.
Data was mostly neutral compared to pre-report expectations.
A big part of the larger-than-normal increase in beef stocks was due to a downward revision for the August figure.
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Selling pressure mounted during the overnight session, with corn, soybeans and wheat trading near session lows early this morning.
Cash corn and soybean prices rebound but remain well below year-ago.