News
Grain, soybean futures extend Monday’s declines following stronger than expected USDA crop ratings.
Soybeans fell below Monday’s lows overnight, while corn held that support and wheat pivoted around yesterday’s lows.
The corn CCI rating slipped despite the unchanged good/excellent national ratings, as Iowa and Nebraska both declined.
Soybean futures tumble nearly 60 cents, corn and wheat also lower after grain ship departs Ukraine.
USDA reported weekly inspections as of July 28, revealing increases in corn and soybean inspections on the week, as wheat fell behind by over 200,000 MT. Corn, soybeans, wheat continue to lag behind year-ago paces.
Grain and soy futures are under hefty price pressure this morning. Cattle futures are higher with lean hogs under light pressure.
Corn, soybean, wheat futures expected lower as first grain shipment out of Ukraine boosts supply hopes.
Short-term trend turns up for soybeans, soymeal, live cattle and lean hogs.
Corn and wheat futures were pressured overnight by news the first ship carrying Ukrainian grain left the port of Odesa.
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