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HRW wheat conditions are still below when the crop entered dormancy and historically low.
Soybeans and wheat extended Monday’s gains overnight. Corn modestly pulled back but there was another daily old-crop corn export sale that could provide support during daytime trade.
Soybeans extended Monday’s strong gains overnight, while corn modestly pulled back and wheat traded narrowly on both sides of unchanged.
Weekly export inspections for week ended March 23 revealed a notable drop in corn inspections from the previous week, while wheat and soybeans were each higher on the week.
Choppy price action is being seen in the grain and soy markets to open the week ahead of key USDA data on Friday.
Another daily old-crop corn export sale, this time two cargoes to unknown destinations.
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Soybeans mildly built on Friday’s corrective gains during overnight trade while the corn and wheat markets pulled back.
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Wheat and corn futures are expected to open higher after strength overnight despite negative outside markets. Soybeans are expected to trade lower after extending the sharp price drop overnight.
Soybeans’ attempt at a corrective rebound overnight proved futile and the market is under pressure this morning. Corn futures traded both sides of unchanged, while wheat firmed overnight.
Beef stocks declined in February, though more than average. Pork stocks rose last month, though less than normal.