Agriculture News
Soybeans mildly firmed overnight, while corn and wheat failed to stray far from unchanged in two-sided trade.
Monthly rural banker attitude survey reflects negative outlook.
Data wasn’t negative enough to have much market impact.
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USDA reported corn sales of 511,400 MT for the week ended June 13, the lowest since the week ended April 11, though exports totaled 1.48 MMT during the week. Meanwhile, wheat and soyoil sales each topped expectations.
Corn, soybeans and wheat posted mild corrective gains overnight, recouping a small portion of Thursday’s sharp losses.
The Seasonal Drought Outlook calls for drought conditions to develop from southeastern Iowa and northeastern Missouri across the northern two-thirds of Illinois and most of Indiana and Ohio through September.
Corn, soybean and wheat futures faced price pressure during overnight trade coming off Wednesday’s holiday.
Wheat basis continues to firm amid plunging cash prices.
Corn and soybean futures were supported by light corrective buying overnight, while wheat futures posted mixed trade.
All three crops remain rated well above year-ago at this time.
Soybeans inspected for export during the week ended June 13 rose 100,000 MT from the previous week, while wheat inspections rose modestly. Meanwhile, corn inspections were notable, but fell 54,000 MT on the week.
Short-term trends turn bullish for cattle futures, bearish for wheat.
Soybeans and wheat posted sharp losses during the overnight session, while corn followed to the downside.
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Corn, soybeans and SRW wheat pulled back from yesterday’s gains during overnight trade, while HRW and HRS wheat extended their losses.
While falling short of pre-report expectations, both wheat and soymeal sales are running well ahead of year-ago. Meanwhile, soybean sales jumped 99% from the previous week and corn sales declined 11%.
Corn, soybeans and wheat traded on both sides of unchanged while holding in tight trading ranges overnight.