Agriculture News
Soybeans extended Monday’s declines overnight, while corn and wheat pulled back from yesterday’s gains.
Monthly Rural Mainstreet Index reflects impact of rising interest rates on bank deposits.
Feedlot inventories declined from year-earlier levels for an 11th straight month.
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The extended weather forecast from the National Weather Service calls for “equal chances” for normal, above-normal and below-normal rainfall across the central U.S. during September.
USDA reported 2023-24 soybean sales of 1.407 MMT, topping the pre-report range by over 100,000 MT.
The corn CCI is now above year-ago, while the soybean rating is virtually equal to last year at this time.
Weekly wheat inspections dropped by over 100,000 MT from the previous week and were over 90,000 MT short of the pre-report range. Meanwhile, corn and soybean inspections rose slightly from the previous week.
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USDA cut corn yield by 2.4 bu. to 175.1, while soybean yield was lowered by 1.1 bu. to 50.9 bu. per acre. Soybean ending stocks were pegged at 245 million bu., less than the avg pre-report estimate, while corn was above.