All food prices are now forecast to rise 6.5% in 2023 (range of 4.9% to 8.2%), down from an expected 7.5% increase last month.
Grain and soy futures are expected to favor the downside after failing to sustain corrective buying overnight.
Grain and soy markets worked higher on corrective buying earlier in the overnight session, but buyer interest is drying up this morning.
The HRW CCI rating remains historically low, while the SRW rating is above average.
Corn futures are under pressure with soybean and wheat futures mixed. Cattle futures opened lower with lean hogs mildly higher...
Grain and soy futures posted two-sided trade overnight, suggesting a rather directionless start to the daytime session.
Wheat futures posted mild corrective overnight, while soybeans traded mixed and corn faced followthrough selling.
The report data is mildly negative compared with pre-report expectations, especially placements. But the report is not bearish.
Corn and soybeans will face followthrough selling, while wheat will attempt to maintain modest corrective gains posted overnight.
Corn and soybean futures extended this week’s losses during overnight trade, while wheat traded mostly firmer on mild corrective buying.

Brian Grete