Agriculture News
USDA pegged old-crop corn ending stocks at 1.877 billion bu., well below the average estimate of 2.049 billion bu. Soybean ending stocks were also short of average trade guesses, while 2024-25 wheat ending stocks were up notably amid higher production.
The LanzaJet Inc. facility in Georgia will likely run on mostly sugarcane ethanol imported from Brazil when it starts commercial production.
Declines in the HRW CCI rating were fully offset by improvements in SRW crop.
Wheat inspections for the week ended April 11 were up 34,000 MT from the previous week and above the expected pre-report range. Corn and soybean inspections were each lower on the week, but within expectations.
Grain futures are under pressure to open the week. Cattle futures are sharply higher amid corrective buying.
Short-term trend turns bearish for soybeans and soyoil.
Access this week’s newsletter here.
USDA showed slightly larger-than-expected U.S. carryover for corn, soybeans and wheat, while global corn and soybean carryover also topped average pre-report estimates. Global wheat carryover was lower.
Weekly corn sales during the week ended April 4 dropped sharply missing pre-report expectations by a notable 425,000 MT. Meanwhile, soybean and wheat sales were within their respective pre-report range.
Market now reflects the highest odds are for the first rate cut in September.
CCI ratings for both crops are above year-ago, especially for HRW.