Brian Grete

Most of the decline in wheat conditions in February was in top producer Kansas.
Corn and soybeans are off to a tepid start with wheat futures under pressure. Cattle futures are choppy with hog futures mildly higher to start the week...
Corn and soybeans are expected to see mild corrective buying, while followthrough selling is likely in the winter wheat markets.
Corn, soybeans and wheat traded on both sides of unchanged overnight in relatively quiet price action.
The data is mildly friendly compared to pre-report expectations, with all three categories on the bullish side of the average trade estimates.
Beef stocks declined contra-seasonally in January, implying demand was strong, especially since beef production rose in December.
Grain and soy futures are expected to open lower on followthrough selling and pressure from the U.S. dollar.
Soybeans firmed on light corrective buying overnight, while the corn and wheat markets faced pressure.
Light, two-sided trade is expected in the grain and soy markets this morning.
At the annual Ag Outlook Forum, USDA issued its first projections for the 2023-24 marketing year, based on the January WASDE Report.