Agriculture News
During the week ended Feb. 1, USDA showed net soybean sales of 340,800 MT, short of pre-report estimates, while corn and wheat sales held steady week-over-week.
The drop in beef stocks was rather normal; pork inventories fell much more than average.
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In week ended June 15, weekly corn sales totaled a tepid 36,000 MT, an 87% drop from the previous week and 74% from the four-week avg. Soybean export sales fell 4% on the week, but were up 98% from the four-week avg.
The biomass-based diesel requirements are well below the increase sought by producers, which put heavy pressure on the soyoil market.
Iowa and Illinois led the declines in corn and soybean CCI ratings.
Delayed from its normal release due to Monday’s holiday and technical difficulties, USDA reported a near 300,000 MT week-over-week decline in corn inspections, while soybean inspections rose modestly on the week.
Monthly Creighton University survey of rural bankers notes cautious optimism.
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USDA’s weekly export sales data for week ended June 8, showed a second straight week of increasing soybean sales, while corn sales were mediocre. Wheat sales during the week were shy of the pre-report range by 35,000 MT.
Drought removal or improvement is expected across much of the western Corn Belt, while eastern areas will trend drier.