Agriculture News
The 90-day outlook calls for above-normal temps over most areas of the country, with “equal chances” of rainfall over most of the Corn Belt.
Weekly corn sales for the week ended April 11 rose 54% from the previous week, but still down 45% from the four-week average. Soybean sales were up 59% from the previous week and 62% from the four-week average.
The LanzaJet Inc. facility in Georgia will likely run on mostly sugarcane ethanol imported from Brazil when it starts commercial production.
Declines in the HRW CCI rating were fully offset by improvements in SRW crop.
Wheat inspections for the week ended April 11 were up 34,000 MT from the previous week and above the expected pre-report range. Corn and soybean inspections were each lower on the week, but within expectations.
Grain futures are under pressure to open the week. Cattle futures are sharply higher amid corrective buying.
Short-term trend turns bearish for soybeans and soyoil.
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USDA showed slightly larger-than-expected U.S. carryover for corn, soybeans and wheat, while global corn and soybean carryover also topped average pre-report estimates. Global wheat carryover was lower.
Weekly corn sales during the week ended April 4 dropped sharply missing pre-report expectations by a notable 425,000 MT. Meanwhile, soybean and wheat sales were within their respective pre-report range.