Old-crop weekly soybean sales faded on the week, while new-crop sales rose steadily amid a recent uptick in purchases. Meanwhile, old-crop corn sales were shy of the pre-report range, while wheat sales rose notably.
Corn, soybeans and wheat initially extended Wednesday’s losses overnight but some contracts have firmed amid mild corrective buying early this morning.
Corn and wheat futures are expected to open higher amid Black Sea supply concerns after Russia attacked a Ukrainian port on the Danube River. Soybeans are expected to open lower on forecasts for improved weather.
Corn and wheat futures posted corrective gains overnight after Russia attacked a key Ukrainian port but have come well off their highs this morning. Soybeans initially traded higher but have weakened.
Weekly wheat inspections in week ended July 27 rose 220,413 MT from the previous week, topping the pre-report range. Shipments are now running 4.8% behind a year ago, compared to 16.9% last week.
Thompson looks for September Farm Bill markup, House Ag committee works to regulate cryptocurrencies and African nations urge Putin to end Ukrainian conflict...
USDA reported corn sales were up 33% on the week, while soybeans were up noticeably and up 73% from the four-week average. Weekly wheat sales rose 37% week-over-week, but were down 17% from the four-week average.
Corn and wheat saw follow-through selling overnight despite a strong close yesterday. Soybean futures have traded on both sides of unchanged overnight.