Soybean futures sharply extended this week’s price surge overnight amid forecasts calling for hot and dry conditions in early August. Corn and wheat also posted strong gains.
Rains fell over the Corn Belt though traders are focused on forecast dryness, Manchin caves on spending package and spring wheat yields continue to impress...
As of July 26, 68% of the U.S. was experiencing abnormal dryness/drought, down one percentage point from the previous week, but flash drought intensified over parts of the Great Plains, Ozarks, and Mississippi Valley.
Weekly export sales this morning for week ended July 21 revealed a continued theme of sluggish new-crop corn and old-crop soybean sales. New crop soybean sales were the bright spot; well above expectations.
Corn and soybean futures were supported by followthrough buying overnight amid forecasts calling for hot and dry conditions next week, while wheat rebounded from Wednesday’s losses.
Corn and soybean CCI ratings are below their respective five-year averages, while the spring wheat rating is still well above its average for the date.
Export inspections for week ended July 21, 2022 were within estimated ranges for corn, soybeans and wheat, however the current year's pace continue to fall behind last year.
Grain futures are sharply higher to start the week. Cattle futures are under light pressure with lean hog futures under pressure despite gains in the cash market...
Grain and soy futures firmed overnight amid concerns about the deal to restart Ukraine’s grain exports and forecasts calling for a return of heat and dryness after some temporary relief.
USDA’s Cattle Inventory Report showed the U.S. cattle herd contracted 2.0% as of July 1. The Cattle on Feed Report showed the July 1 feedlot inventory up 0.4% from year-ago.
While record June beef stocks could imply sluggish demand, it may also be related to facilities building inventories due to ongoing strong exports. Pork stocks declined less than average last month.
Wheat futures faced heavy selling overnight, while corn extended this week’s sharp losses amid reports a deal to restart Ukrainian grain exports will be signed today.