News
The extended weather forecast from the National Weather Service calls for “equal chances” for normal, above-normal and below-normal rainfall across the central U.S. during September.
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Soybeans are expected to modestly favor the upside, while corn and wheat are called lower this morning.
USDA reported 2023-24 soybean sales of 1.407 MMT, topping the pre-report range by over 100,000 MT.
Grain markets traded in relatively narrow ranges overnight as soybeans modestly firmed, while corn and wheat declined.
Average cash hog price falls below $100 for the first time in six weeks.
Corn and soybean basis is stronger than the respective three-year averages.
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Grain and soy markets are expected to open modestly firmer amid corrective buying.
Corn, soybeans and wheat regained a portion of Tuesday’s losses during overnight trade.
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Corn, soybeans and wheat are expected to open lower this morning after overnight price pressure.
Corn and soybeans traded lower overnight after USDA raised crop condition ratings more than anticipated Monday afternoon. Wheat faced followthrough selling amid a lack of supportive news.
The corn CCI is now above year-ago, while the soybean rating is virtually equal to last year at this time.