Agriculture News
Weekly cotton sales during the week ended Feb. 22 were down 69% from the previous week and 83% from the four-week average. Meanwhile, corn, soybean and wheat sales each rose week-over-week.
Corn, soybeans and wheat traded lower overnight, with nearby corn and soybeans falling to new contract lows.
Placements declined from year-ago levels for a third straight month – a trend that will continue.
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Net soybean sales during the week ended Feb. 15 were down 84% from the previous week, while weekly corn and wheat sales were down 37% and 33%, respectively.
Corn, soybeans and wheat firmed amid corrective buying during the overnight session.
Wheat futures led a round of corrective buying in the grain markets during overnight trade.
Central Illinois cash corn price below $4.00 for first time since October 2020.
Cash hog prices gained strength in the seasonal rebound.
Fed fund futures continued to reflect the greatest odds for a Fed rate cut starting in June, with three or perhaps four reductions by year-end.
Tuesday’s corrective buying in the grain and soy markets dried up overnight, as corn, soybeans and wheat faced price pressure.