Agriculture News

USDA reported net soymeal sales of 272,500 MT for week ended July 13, which exceeded top-end pre-report estimates. Meanwhile, net wheat sales fell short of trade expectations.
All three crops are still rated lower than last year at this time.
USDA’s weekly export inspection data for week ended July 13 showed a mild increase in corn inspections from the previous week, while soybeans and wheat declined notably.
Grain and soy futures are being supported by concerns with U.S. weather and Black Sea grain supplies.
Short-term trends improve for corn and wheat.
Farmers National Company sites cooling in farmland market.
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The World Board cut the corn yield projection due to extreme dryness through June. The soybean yield was left unchanged.
USDA reported net corn sales of 468,400 MT for 2022-23 and 470,800 MT for 2023-24, notably exceeding pre-report estimates.
In its July WASDE, USDA slashed the corn yield by 4 bu., which put 2023-24 ending stocks near pre-report estimates. Its soybean yield projection was unchanged, leaving ending stocks well above pre-report estimates.