News
USDA reported weekly soymeal sales of 377,900 MT in week ended March 23, which was up noticeably over the previous week and 81% from the four-week average.
Wheat futures will lead the ongoing price recovery in the grain and soy markets as Cargill says it will cease Russian grain shipments starting July 1.
Wheat futures extended their recent corrective gains overnight. Corn followed to the upside while soybeans pivoted around unchanged.
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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.