Agriculture News
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.
Short-term trend turns bearish for soybeans and soymeal.
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For week ended Sept. 7, USDA reported weekly soybean sales of 703,900 MT, 34.2% behind a year ago at this time. Weekly meal and oil sales notched net reductions during the week of 201,600 MT and 3,900 MT, respectively.
USDA reported weekly new-crop corn sales of 949,700 MT in week ended Aug. 31, which was near the top-end pre-report range, while soybean sales totaled 1.78 MMT. A fresh marketing year began Sept. 1.
Despite the stronger consumer inflation data, Fed fund futures reflect increased odds the Fed will embark on an extended pause for interest rates.
USDA cut its soybean crop estimate a little more than anticipated, while the cotton crop came in well below expectations.
In its September WASDE, USDA increased planted corn acres, offsetting the reduction in yield to 173.8 bu. per acre, down from 175.1 in August. Soybean planted acres rose slightly, while the yield was trimmed to 50.1 bpa.
Weekly new-crop corn inspections have kicked the marketing year off ahead of last year at this time by over 4%, while soybean inspections lagged by over 21% in week ended Sept. 7.
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