Agriculture News
Corn planting intentions and March 1 stocks came in lower than expected.
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USDA reported corn acres of 90.036 million acres for 2024 and March 1 stocks of 8.347 billion bu., both well below trade estimates. Soybean acres were slightly lower than expectations, while stocks were higher.
Weekly wheat sales were just above the pre-report range for the week ended March 21, while soybean sales missed the expected range by 36,000 MT. Corn sales held steady at 1.21 MMT.
Corn, soybeans and wheat traded in narrow ranges during the overnight session ahead of USDA’s reports later this morning.
Corn, soybeans and wheat extended Tuesday’s losses during the overnight session.
Corn and soybean basis firmed a little as cash prices weakened.
Corn, soybeans and wheat faced mild price pressure during a relatively quiet overnight session.
State-level winter wheat condition ratings signaled more general improvement in the HRW crop over the past month, despite a minor downtick in top producer Kansas.
USDA says a small number of dairy herds in Texas and Kansas tested positive for a strain of highly pathogenic avian influenza (HPAI).
Frozen pork stocks declined contra-seasonally during February, while beef inventories fell more than average.
Corn inspections during the week ended March 21 totaled 1.228 MMT, down nearly 100,000 MT on the week but more than double the same week a year-ago. Meanwhile, soybean inspections rose 68,000 MT on the week.
Grain futures are mildly firmer to open the week. Cattle futures are under pressure from last Friday’s Cattle on Feed Report.
Corn and soybean futures swung to both sides of unchanged during the overnight session, while wheat favored the upside.
Annual report from Illinois Society of Professional Farm Managers and Rural Appraisers.
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Soybean futures posted sharp losses overnight, while corn and wheat traded mildly lower.
Creighton University’s monthly survey finds negative outlook by bankers deepening but farmland values holding stable.