Agriculture News
Wheat inspections during the week ended July 11 topped pre-report expectations and are outpacing year-ago by 26.3%. Corn inspections also proved noteworthy at 1.08 MMT.
Report data triggered mild corrective buying in corn and soybean futures.
USDA pegged old-crop corn ending stocks at 1.877 billion bu., well below the average estimate of 2.049 billion bu. Soybean ending stocks were also short of average trade guesses, while 2024-25 wheat ending stocks were up notably amid higher production.
Soymeal sales fell 75% from the previous week, while beef sales dropped 46%.
Corn and soybean basis firmed as cash prices dropped.