News
Wheat inspections during the week ended July 11 topped pre-report expectations and are outpacing year-ago by 26.3%. Corn inspections also proved noteworthy at 1.08 MMT.
USDA pegged old-crop corn ending stocks at 1.877 billion bu., well below the average estimate of 2.049 billion bu. Soybean ending stocks were also short of average trade guesses, while 2024-25 wheat ending stocks were up notably amid higher production.
Farm equipment sales slump continues | John Deere lays off more workers | Biden defiant
Corn and wheat favored the downside overnight while soybeans saw action on both sides of unchanged.
U.S. dollar weakness, in the wake of a lower June CPI reading, spurred modest short-covering ahead of USDA’s supply and demand update on Friday.
Vilsack asked to review the approval
Corn price outlook shows potential of $3.50 to $3.75 as farmers hold a lot of stocks
Response rates declining | Factors affecting response rates | USDA and ag industry comments
Corrective buying was featured across the grain and soy markets overnight, with each going into the break near session highs.