Agriculture News
Corn and soybean futures built on Wednesday’s gains during the overnight session while wheat futures rebounded.
Fed officials signaled a cut to interest rates was still possible this year, despite the “no further progress” on inflation
Basis drops for corn and soybeans on the rollover to the July contracts.
Corn and soybeans faced mild followthrough selling during the overnight session. Wheat traded mostly lower overnight, though SRW wheat futures have firmed this morning.
Winter wheat markets and corn futures faced followthrough selling overnight, while soybeans mildly eased from Monday’s gains.
The HRW CCI rating is now 6.0 points under the final mark from last fall. The SRW CCI rating is 15.4 points above the final level ahead of dormancy.
USDA’s Animal and Plant Health Inspection Service (APHIS) updated requirements for dairy cattle as follows:
Weekly corn inspections during the week ended April 25 were down 435,000 MT from the previous week, which was revised 38,000 MT higher. Corn, wheat and soybean inspections were all within pre-report estimates.
Short-term trend turns bullish for wheat, soymeal and cattle futures.
Soybeans strengthened overnight, along with soymeal and soyoil, while corn traded in a tight range around unchanged and wheat was widely mixed.
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Corn, soybeans and wheat traded in narrow ranges during a quiet overnight session.
Weekly corn sales for the week ended April 18 topped pre-report expectations by a notable margin, while soybean sales missed the pre-report range.
Soybeans pulled back from recent gains overnight, while corn and wheat traded on both sides of unchanged.
Wheat basis held relatively steady despite the big jump in cash prices.
Frozen beef stocks declined more than average during March, signaling demand remains strong. Pork inventories built contra-seasonally last month.
USDA’s Animal and Plant Health Inspection Service (APHIS) will require testing for the H5N1 virus in dairy cattle crossing state lines. Any detection of the disease must also be reported.
Grain futures mildly pulled back from recent corrective gains during the overnight session.
Wheat futures posted followthrough to Monday’s strong gains overnight, while buying was limited in corn and soybeans.