Agriculture News
Uncertainties included difficulties estimating the state of financial markets, potential oil price shocks and the impact of labor union strikes on the economy, among other factors.
Corn, soybeans and wheat held in tight trading ranges during a quiet two-sided overnight session.
USDA reported weekly soybean inspections of 1.04 MMT, notably above the pre-report range.
Corn and soybeans extended Monday’s losses during overnight trade, while wheat more than wiped out yesterday’s gains.
Corn, soybeans and wheat firmed overnight on support from crude oil as it responded to a major geopolitical shock over the weekend when Hamas raided Israel.
Access this week’s newsletter here.
Corn, soybeans and wheat spent time on both sides of unchanged while holding in tight trading ranges overnight.
USDA reported weekly corn sales of 1.8 MMT during week ended Sept. 28, increasing export commitments to nearly 9% ahead of last year.
Corn and soybeans faced fresh selling pressure during overnight trade, while wheat firmed amid light corrective buying.
Semi-annual survey of land professionals finds flattening in Iowa land values.
Basis remains much weaker than normal for corn, soybeans and wheat amid weak demand and transportation woes.
Soybean futures firmed amid corrective buying overnight, while wheat declined and corn chopped around unchanged.
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.