Agriculture News
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.
Corn, soybeans and wheat pulled back from Friday’s corrective gains during the overnight session.
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Domestic ending stocks were unchanged for corn and soybeans, higher for wheat and lower for cotton.
Corn and soybean ending stocks were unchanged from February, while wheat ending stocks rose 15 million bu. However, global corn and wheat ending stocks were lower than pre-report estimates; soybeans were as expected.
Grain trade was light overnight ahead of USDA’s March crop reports later this morning.
February’s Farm Financial Performance Index reading of 85 was 1 point lower than January and 13 points below its most recent peak in December.
Soyoil sales for the week ended Feb. 29 reached a marketing-year high of 29,200 MT, while soybean sales landed above pre-report estimates. Meanwhile, corn and wheat sales were within their respective pre-report ranges.
Corn futures built on Wednesday’s gains overnight, while soybeans and wheat also firmed amid corrective buying.
Corn and soybean basis weakens on the rollover to May futures.
Wheat futures faced followthrough selling during the overnight session, while corn and soybeans held near unchanged in quiet trade.
Corn, soybean and wheat futures pulled back from Monday’s price gains during the overnight session.
Corn, soybean and wheat weekly export inspections during the week ended Feb. 29 each fell from the previous week, though all were within pre-report expectations.
Corn and soybeans traded higher amid corrective buying overnight, while the winter wheat markets favored the downside and spring wheat was mixed.
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Soybean futures posted corrective gains overnight, while the corn and wheat markets favored the downside in light trade.
Weekly cotton sales during the week ended Feb. 22 were down 69% from the previous week and 83% from the four-week average. Meanwhile, corn, soybean and wheat sales each rose week-over-week.