Agriculture News
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.
Pre-report expectations ranging from 2.2 MMT to 3.3 MMT indicated analysts expected huge corn sales during the week ended Oct. 17, though net sales topped the range by 300,000 MT. Soybean sales were also notable at 2.15 MMT.
The report highlights economic condition across the 12 Fed districts.
Corn and soybeans built on Wednesday’s corrective gains overnight, while the wheat market traded on both sides of unchanged.
Corn and soybean basis improved over the past week.
Corn and soybeans pulled back overnight from corrective gains the two previous days, while wheat more than erased Tuesday’s price strength.
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.