Agriculture News
Farmers’ sentiment for the second month in a row as attitudes toward current conditions and future expectations declined.
Corn and soybean futures failed to build on Monday’s gains and traded lower overnight, while wheat had a mixed tone.
Corn-for-ethanol use totaled 442.6 million bu. during August, according to USDA.
Weekly corn and soybean inspections are running 10.8% and 8.7% ahead of a year-ago, respectively. Meanwhile, wheat inspections are nearly 29% behind the same time last year.
Chart trends remained mostly unchanged from the previous week.
Corn and wheat futures traded higher on corrective buying overnight, while soybeans faced followthrough selling.
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Soybean stocks and wheat production came in higher than expected. Sept. 1 corn stocks were lower than anticipated.
USDA pegged Sept. 1 corn stocks at 1.361 billion bu., 68 million bu. lower than pre-report expectations and 16 million bu. lower than year-ago. Soybean stocks were above pre-report estimates by 26 mb.
Corn, soybean and wheat futures held in tight price ranges in a lightly traded overnight session ahead of USDA’s reports later this morning.
Farrowing intentions suggest the expansion could be short-lived, but surging litter sizes could offset lower farrowings as they did during summer.
USDA reported wheat sales in week ended Sept. 21 totaled 544,500 MT, which capped the top-end pre-report estimate by 45,000 MT. Meanwhile corn sales were mid-range; soybeans were nearer the low-end of expectations.
Corn and soybean futures pulled back from recent corrective gains, while wheat extended its price slide during overnight trade.
Cash corn prices stabilize; soybean prices continue to drop.
Corn and soybean futures firmed amid light corrective buying overnight. Wheat traded on both sides of unchanged overnight.
Corn futures held near unchanged, while soybeans and wheat posted mild gains during a quiet overnight session.
Illinois led the increase in condition ratings for both crops.
USDA reported inspections for corn, soybeans and wheat within trade expectations. Corn inspections remain steadily ahead of year-ago, while soybeans went from notably trailing year-ago to running ahead.