Agriculture News
Soybeans posted followthrough buying to Wednesday’s strong gains during overnight trade, while corn and wheat mildly favored the upside.
Cash cattle prices nearing their record high posted in summer 2023.
Most Fed officials expect three rate cuts this year, but fewer committee members anticipate more than three reductions.
Soybean futures reversed losses from the past two days during overnight trade, while corn and wheat faced price pressure.
Corn, soybeans and wheat held in tight ranges during quiet, two-sided overnight trade.
Weekly wheat and soybean inspections during the week ended March 14 fell 164,665 MT and 98,672 MT, respectively, from the previous week. Meanwhile, corn inspections rose nearly 73,000 MT.
Corn and wheat futures posted mild gains amid corrective buying overnight, while soybeans weakened following earlier strength.
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Corn, soybean and wheat futures held in relatively tight ranges during light, two-sided trade overnight.
The International Grains Council released its initial projections for 2024-25
Weekly corn sales during the week ended March 7 totaled 1.28 MMT, up 16% from the previous week, while soybean and wheat sales each faded, down 39% and 69%, respectively. Wheat sales were at a marketing-year low.
Soybeans extended their recent corrective gains during the overnight session, while wheat traded lower and corn favored the downside in two-sided trade.
Basis slipped a little for corn, soybeans and SRW wheat as cash prices firmed.
Soybean futures retreated from Tuesday’s gains during overnight trade, while the corn and wheat markets have weakened after two-sided price action earlier in the session.
Soybeans extended Monday’s declines overnight, while corn and wheat pulled back from yesterday’s gains.
Weekly corn inspections totaled 1.122 MMT during the week ended March 7, down slightly from the previous week, but near the top end of the pre-report range. Soybean inspections fell notably on the week.
Short-term trends turn sideways for corn, soybeans, soymeal and soyoil.