Agriculture News
USDA reported inspections for corn, soybeans and wheat within trade expectations. Corn inspections remain steadily ahead of year-ago, while soybeans went from notably trailing year-ago to running ahead.
Feedlot inventories declined from year-ago for a 12th consecutive month.
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Above-normal October rainfall would hamper corn and soybean harvest, but benefit winter wheat.
Grain markets were not immune to broad market selling pressure overnight, with corn, soybeans and wheat each facing losses into the break.
Weekly soybean sales for week ended Sept. 14, were reported at 434,100 MT, short , over 100,000 MT shy of the low-end pre-report estimate, while weekly corn and wheat sales landed just above the low-end estimate.
Illinois accounted for the bulk of the decline for both crops over the past week.
Weekly corn inspections totaled 642,095 MT, up 16,851 MT from the previous week and are running 10.5% ahead of year-ago, while soybean inspections totaled 393,004 MT and are trailing year-ago by 16.2%.