News
Corn, soybeans and wheat each saw selling pressure though stayed above recent lows.
Traders starting to signal need for emergency Fed meeting to lower rates
Grains pressured overnight by generally favorable weather and strong risk aversion.
CBO scores House farm bill and there is a surprise regarding sugar policy
The grain and soy complexes marked short-covering gains to end the week, with support stemming from a plunging U.S. dollar.
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CBO report on House farm bill scoring will not please House Ag Chair Thompson
Soybeans led strength overnight with corn seeing modest gains as well. Wheat saw relative weakness most of the overnight session though rebounded into the break.
Corn and soybeans edged lower, though modest short-covering in wheat pulled both from session lows.
Wheat saw relative strength overnight while corn and soybeans saw modest selling pressure.
New-crop export sales for corn, soybeans and wheat each landed within analysts’ pre-report expectations, though soyoil sales posted net reductions for a second straight week.
Fed’s Powell Signals Rate Cut in September Depending on Data
Corn and soybean basis remains well below average despite weak cash prices.
The November elections won’t play role in monetary policy moves or timing.
December corn extended losses, ultimately forging a sub-$4.00 close for the first time since late 2020, despite notable outside market support, while soybeans and wheat ended the session modestly higher.
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