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The Federal Reserve Bank of Chicago’s quarterly ag banker survey finds gains in first quarter land values.

Grain futures extended gains after the report, while cotton increased losses.

Kansas City Federal Reserve finds rising farmland values despite a weakening farm economy.

The corn and wheat markets are deepening earlier gains amid lower-than-expected U.S. and global corn ending stocks, while all wheat production was reported 30 million bu. short of the average trade estimate.

USDA reports today | Rail strike pushed back in Canada | China forecasts big drops in corn, soy, cotton imports | U.S. farm equipment sales decline

Strong wheat gains led corn modestly higher overnight, while soybeans pivoted near unchanged. Price action will largely be dictated by the release of USDA reports at 11 a.m. CT.

Wheat futures surged amid strong followthrough buying overnight, pulling corn and soybeans higher.

After the Bell | May 9, 2024