Agriculture Market Corrects After Monday's Gains
The agriculture market is experiencing a correction after Monday's gains. Corn futures are mostly 2 to 3 cents lower, following the USDA's assessment of the corn crop as 57% good to excellent, unchanged from the previous week. The Pro Farmer Crop Condition Index declined by 1.69 points to 348.74, which is 22.05 behind year-ago at this time.
The Canadian trade minister stated that trade talks with India are 'moving along really well' and could conclude in the coming months. This comes as Canada seeks new markets for its goods, including nuclear capacity, liquefied natural gas, and fertilizer. Heavy rains will dominate much of Ukraine for at least the next seven days, significantly slowing the harvest of late grains and oilseeds.
Soybean futures are modestly weaker but being supported by followthrough gains in meal. The USDA rated the soybean crop as 58% good to excellent as of Sunday. Chinese and U.S. officials wrapped up their second day of talks in New York on Monday to discuss artificial intelligence, investment, and trade.
The Canadian trade minister stated that trade talks with India are 'moving along really well' and could conclude in the coming months. This comes as Canada seeks new markets for its goods, including nuclear capacity, liquefied natural gas, and fertilizer.