Agriculture News
Wheat futures faced active followthrough selling overnight, while corn and soybeans favored the downside in two-sided trade.
Corn, soybeans and wheat held in relatively tight trading ranges during a quiet overnight session.
Soymeal sales during the week ended May 16 landed short of pre-report expectations and were down 52% from the previous week. Meanwhile, corn sales rose 23% from the previous week.
Grain markets posted two-sided price action in relatively quiet overnight trade.
Basis firmed for soybeans despite a sharp rise in the cash price.
Markets signal reduced odds of more than one rate cut this year following the release of minutes from latest monetary policy meeting.
Front-month SRW wheat futures rallied to the highest price since early August during overnight trade, pulling corn and soybeans higher.
Iowa State University’s annual survey finds steady cash rents for 2024.
Grain and soy futures pulled back from Monday’s strong gains overnight, with soybeans and soyoil facing the heaviest pressure.
Weekly changes in CCI ratings were led by top producers Kansas (HRW) and Illinois (SRW).