Agriculture News
Soybean export inspections during the week ended May 9 reached 406,000 MT, above the expected pre-report range and up 48,000 MT from the previous week. Corn and wheat inspections were as expected.
Corn and soybeans modestly pulled back from Friday’s strong gains during the overnight session, while wheat traded mixed.
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Grain futures extended gains after the report, while cotton increased losses.
Kansas City Federal Reserve finds rising farmland values despite a weakening farm economy.
The corn and wheat markets are deepening earlier gains amid lower-than-expected U.S. and global corn ending stocks, while all wheat production was reported 30 million bu. short of the average trade estimate.
Wheat futures surged amid strong followthrough buying overnight, pulling corn and soybeans higher.
USDA will provide the first look at the 2024-25 balance sheets and its initial winter wheat crop estimates.
Weekly corn sales during the week ended May 2, rose 17% from the previous week and 23% from the four-week average. Meanwhile, soybean sales increased 4% from the previous week and 21% from the four-week average.
Corn, soybeans and wheat rebounded from losses the two previous days during the overnight session.