Agriculture News
Corn inspections during the week ended Aug. 15 rose 180,000 MT from the previous week, and are running 38.5% ahead of year-ago, while soybean inspections rose modestly.
Our Market Watch table features monthly and quarterly price outlooks along with weekly prices for a variety of ag markets.
Corn and soybean basis drop along with cash prices.
Soybeans posted modest corrective gains overnight, while the corn and wheat markets faced light followthrough selling.
Ag bankers note only slight gain in values from year earlier.
Corn and spring wheat futures were unable to build on Monday’s gains during the overnight session, while soybeans and wheat faced followthrough selling.
All three crops remain rated well ahead of average for the second week of August.
Old- and new-crop corn ending stocks cut despite the bigger production estimate.
USDA pegged soybean production at 4.59 billion bu., up 10% from 2023, using a record yield of 53.2 bu. per acre. Corn production is estimated at 15.1 billion bu., using a yield forecast of 183.1 bu. per acre.
Wheat inspections during the week ended Aug. 8 rose 178,717 MT from the previous week and topped expectations by 124,000 MT.
Corn and soybeans are posting mild weakness with wheat futures moderately lower. Livestock futures are narrowly mixed but generally higher to start the week...