Sanctions are not impeding Russia's ability to wage war, Biden calls for new rules on mid-sized banks and China lends billions to support carbon emissions reduction...
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.
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.
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.
This year’s negative PDO has been significantly negative for 21 straight months. At the same time, NOAA predicts a strong evolution toward El Niño late this spring and early summer.
USDA reported weekly corn sales in week ended March 16 at 3.096 MMT, while soybeans and wheat each missed the low-end of their respective pre-report ranges.
The Federal Reserve raised interest rates 25 basis points but seemed to give mixed signals on further monetary policy action. The benchmark lending rate was increase to a range of 4.75% to 5.00%.
