Agriculture News
Corn futures mildly extended Wednesday’s losses overnight, while soybeans erased gains from yesterday. Wheat was supported by light corrective buying.
Corn basis continued to firm seasonally but remains below the three-year average.
The LanzaJet Inc. facility in Georgia will likely run on mostly sugarcane ethanol imported from Brazil when it starts commercial production.
Corn, soybeans and wheat held in tight trading ranges during a quiet overnight session.
Corn, soybeans and wheat traded on both sides of unchanged overnight.
Declines in the HRW CCI rating were fully offset by improvements in SRW crop.
Wheat inspections for the week ended April 11 were up 34,000 MT from the previous week and above the expected pre-report range. Corn and soybean inspections were each lower on the week, but within expectations.
Grain futures are under pressure to open the week. Cattle futures are sharply higher amid corrective buying.
Short-term trend turns bearish for soybeans and soyoil.
Corn, soybeans and wheat mildly favored the downside in relatively quiet overnight price action.
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After weaker trade early in the overnight session, modest corrective buying gradually built in corn and soybeans, while wheat is narrowly mixed this morning.
Markets had a muted reaction to USDA’s April Supply & Demand Report.
USDA showed slightly larger-than-expected U.S. carryover for corn, soybeans and wheat, while global corn and soybean carryover also topped average pre-report estimates. Global wheat carryover was lower.
Weekly corn sales during the week ended April 4 dropped sharply missing pre-report expectations by a notable 425,000 MT. Meanwhile, soybean and wheat sales were within their respective pre-report range.
Corn, soybeans and wheat held in tight ranges during relatively quiet overnight trade ahead of USDA’s April crop reports later this morning.
Cash corn and soybean prices inch up but still well below year-ago.
Corn basis turns positive but still below average.
Market now reflects the highest odds are for the first rate cut in September.