Agriculture News
Third quarter banker survey notes declining incomes, still low loan demand and rising farmland values.
USDA reported 23,000 MT of soybean reductions for week ended March 2, a new marketing year low, while corn sales proved solid, landing near the top-end of the expected pre-report range of 1.2 MMT.
Corn and soybeans are expected to open slightly firmer. Wheat will continue to struggle to find buyers.
USDA’s March WASDE showed corn domestic and global ending stocks above pre-report estimates, while soybeans and wheat were each slightly lower than expectations.
Farmers’ perspectives regarding both current conditions on their farms and their expectations for the future both weakened slightly.
USDA reported weekly export inspections for week ended March 2, which showed corn inspections notably above pre-report expectations, while wheat and soybean inspections each missed the low-end pre-report range.
Short-term trend turns bearish for lean hog futures despite seasonally firming cash prices.
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Soybean sales for the week were down 14% from the previous week and 25% below the four-week average. Corn sales for the week were down 48% from the four-week average, though wheat sales were up 39%.