Agriculture News
The annual increase is the smallest since 2020.
Rural bankers grow more sour on their economies.
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.
Ag bankers note only slight gain in values from year earlier.
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...
Old- and new-crop soybean sales during the week ended Aug. 1 each surpassed analysts’ pre-report expectations, while new-crop corn were notably short.
Annual USDA Report Pegs Average Value at $5,570 an Acre
Josh Linville, Director of Fertilizer at StoneX surveys the current situation and looks out to the coming months