Grains try to recover midday with help from the reversal in outside markets. LC mixed with bullish hopes for the USDA Cattle Inventory Report. Hogs lower. Scott Varilek of Kooima Kooima Varilek has details.
Corn and wheat futures were lower overnight, while soybeans traded mildly higher ahead of USDA’s Crop Production and Supply and Demand reports at 11 a.m. CT today.
USDA’s attaché in China expects the country’s pork production to increase 1 MMT to 53 MMT, which would remain below pre-African swine fever levels but be in line with consumer demand.
Australia’s wheat production is forecast to be the second highest ever at 32.2 MMT, according to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES)
Chinese firms have booked at least 40 cargoes of soybeans from the U.S., Brazil and Argentina in the past two weeks alone, Bloomberg reports, citing people familiar with the transactions.
Weekly export inspections for week ended August 25, 2022 revealed mid-range inspections for corn and wheat, while soybeans fell short of trade expectations.
December corn rose a seventh consecutive session and remains near a two-month high amid concern Midwest heat will curtail production, with Pro Farmer Crop Tour results indicating smaller crop prospects in western Iowa.