Agriculture News
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.
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.