Agriculture News
Weekly corn sales landed just above the low-end pre-report estimate, down 58% from the week prior and 68% from the four-week average. Soybean sales were up notably from the week prior and 17% from the four-week average.
Cash corn prices showed little change over the past week; soybean prices weakened.
USDA kept corn and soybean ending stocks unchanged from March, while traders were anticipating a reduction for both crops. Meanwhile, wheat ending stocks rose as expected.
The HRW CCI rating remains historically low, while the SRW crop is rated stronger than average for early spring.
USDA reported soybean and wheat export inspections of 669,566 MT and 335,444 MT, respectively; up over 165,000 MT from the previous week. While corn inspections dropped notably.
Short-term, intermediate and long-term trends are all bullish for live cattle futures.
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USDA reported weekly sales in week ended March 30 were down 55% from the previous week and 42% from the four-week average, while corn sales rose 20% on the week, but were down 26% from the four-week average.
Grain and soy futures traded solidly lower overnight, which is expected to spill into daytime trade.
Basis for both corn and soybeans dropped over the past week but remained positive and above average.