News
Weekly wheat inspections dropped by over 100,000 MT from the previous week and were over 90,000 MT short of the pre-report range. Meanwhile, corn and soybean inspections rose slightly from the previous week.
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Soybeans are posting strong gains with corn and wheat under pressure. Cattle futures are modestly weaker with lean hogs choppy…
Soybeans are expected to open firmer, while corn and wheat are called lower.
Soybeans recouped Friday’s losses during overnight trade. Corn and wheat failed to sustain early buyer interest overnight and are lower this morning.
Situation in Black Sea escalates due to Russia actions
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Markets had a muted response to the data aside from a big jump in cotton.
USDA cut corn yield by 2.4 bu. to 175.1, while soybean yield was lowered by 1.1 bu. to 50.9 bu. per acre. Soybean ending stocks were pegged at 245 million bu., less than the avg pre-report estimate, while corn was above.
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Light price action is expected in the grain and soy markets this morning ahead of USDA’s August crop reports.
Corn, soybeans and wheat traded in relatively tight ranges during the overnight session as traders awaited USDA’s August crop reports later this morning.
Kansas City Federal Reserve Bank finds continuing strong demand for farmland despite declining profit margins.
Quarterly survey finds strong financial conditions in rural ag banks.
Weekly export sales data showed net new crop corn sales totaled 758,400 MT in week ended Aug 3, while new crop soybeans sales totaled nearly 1.1 MMT.