Agriculture News
Grain futures are under pressure to open the week. Cattle futures are sharply higher amid corrective buying.
USDA reported weekly corn sales of 1.8 MMT during week ended Sept. 28, increasing export commitments to nearly 9% ahead of last year.
Semi-annual survey of land professionals finds flattening in Iowa land values.
Farmers’ sentiment for the second month in a row as attitudes toward current conditions and future expectations declined.
Weekly corn and soybean inspections are running 10.8% and 8.7% ahead of a year-ago, respectively. Meanwhile, wheat inspections are nearly 29% behind the same time last year.
Chart trends remained mostly unchanged from the previous week.
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USDA pegged Sept. 1 corn stocks at 1.361 billion bu., 68 million bu. lower than pre-report expectations and 16 million bu. lower than year-ago. Soybean stocks were above pre-report estimates by 26 mb.
Farrowing intentions suggest the expansion could be short-lived, but surging litter sizes could offset lower farrowings as they did during summer.
USDA reported wheat sales in week ended Sept. 21 totaled 544,500 MT, which capped the top-end pre-report estimate by 45,000 MT. Meanwhile corn sales were mid-range; soybeans were nearer the low-end of expectations.
Illinois led the increase in condition ratings for both crops.