Agriculture News
USDA pegged soybean production at 4.59 billion bu., up 10% from 2023, using a record yield of 53.2 bu. per acre. Corn production is estimated at 15.1 billion bu., using a yield forecast of 183.1 bu. per acre.
Wheat inspections during the week ended Aug. 8 rose 178,717 MT from the previous week and topped expectations by 124,000 MT.
Corn and soybeans are posting mild weakness with wheat futures moderately lower. Livestock futures are narrowly mixed but generally higher to start the week...
Old- and new-crop soybean sales during the week ended Aug. 1 each surpassed analysts’ pre-report expectations, while new-crop corn were notably short.
Annual USDA Report Pegs Average Value at $5,570 an Acre
Josh Linville, Director of Fertilizer at StoneX surveys the current situation and looks out to the coming months
Weekly corn inspections during the week ended Aug. 1 totaled 1.2 MMT, up 143,000 MT from the previous week and topping analysts’ pre-report expectations.
Grain and livestock markets are lower to start the week with a sharp falloff in feeder cattle futures leading the
New-crop export sales for corn, soybeans and wheat each landed within analysts’ pre-report expectations, though soyoil sales posted net reductions for a second straight week.
Wheat inspections led the weekly increase, rising 168,623 MT, while soybean inspections exceeded pre-report estimates. Corn inspections were just short of topping analysts’ pre-report range.