Agriculture News
Short-term trend turns bearish for soybeans and soyoil.
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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.
Corn inspections during the week ended April 4 were down 51,859 MT from the previous week but topped pre-report expectations. Wheat and soybean inspections also fell from the previous week but were as expected.
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Weekly soybean sales during the week ended March 28 missed the pre-report range, while corn sales landed below 1.0 MMT for the first time since mid-February. Shipments, however, reached a marketing-year high.