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Our Market Watch table features monthly and quarterly price outlooks along with weekly prices for a variety of ag markets.
Agricultural credit conditions in the Tenth Federal Reserve District tightened further in the second quarter of 2024
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Selling persisted most of the overnight session in corn, soybeans and wheat, though buying efforts increased into the break.
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.
Corn futures rallied from contract lows forged in early trade following USDA’s Crop Production and Supply & Demand Reports, while rallying crude supplied a boost. Soybeans faded amid forecasts of a record crop.
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...