Agriculture News
All three crops remain rated well above year-ago.
Wheat inspections during the week ended July 11 topped pre-report expectations and are outpacing year-ago by 26.3%. Corn inspections also proved noteworthy at 1.08 MMT.
Report data triggered mild corrective buying in corn and soybean futures.
USDA pegged old-crop corn ending stocks at 1.877 billion bu., well below the average estimate of 2.049 billion bu. Soybean ending stocks were also short of average trade guesses, while 2024-25 wheat ending stocks were up notably amid higher production.
Soymeal sales fell 75% from the previous week, while beef sales dropped 46%.
Corn and soybean basis firmed as cash prices dropped.
Corn, soybean and wheat futures traded in relatively tight ranges overnight.
All three crops are rated well above year-ago at this time.
Weekly corn inspections rose 193,000 MT from the previous week, while wheat inspections rose modestly. Soybean inspections declined on the week.
Corn, soybeans and wheat open the week under pressure
Short-term trends remain down for most grain and soy markets.