News
Weekly new-crop soybean sales topped pre-report expectations for the second straight week, while new-crop corn sales landed just above pre-report estimates.
Forecasts of robust supplies weighed on the grain and soybean complexes today despite notably weaker U.S. dollar.
Rising inventories and declining auction values strain dealers, farmers, and manufacturers, leading to layoffs and financial pressures across the industry
Agricultural credit conditions in the Tenth Federal Reserve District tightened further in the second quarter of 2024
USDA reports | Starbucks | Musk/Trump interview | Iran & Hezbollah preparing for possible attack
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.