Agriculture News
At the annual Ag Outlook Forum, USDA issued its first projections for the 2023-24 marketing year, based on the January WASDE Report.
Corn, soybeans and wheat traded on both sides of unchanged while holding in narrow ranges overnight.
Cash cattle prices hit a new high for the year and reach the highest level since mid-2015.
Choice boxed beef prices continue to surge.
Grain and soy futures are expected to open with a weaker tone after price pressure overnight.
Corn and soybean futures pulled back from Tuesday’s gains during overnight trade, while the wheat market extended yesterday’s losses.
USDA reported soybean export inspections of 1.578 MMT for week ended Feb. 16, with inspections outpacing year-ago by 3.5%. Corn, soybeans and wheat inspections were each within their expected ranges.
Soybeans and soymeal will start daytime trade sharply higher on support from Argentine crop concerns.
Soybean and soymeal futures traded sharply higher coming out of the extended holiday weekend on Argentine crop concerns, while corn and wheat followed to the upside.
Survey finds 9% annual boost in farmland values but weaker values when compared to the prior quarter.
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Two-sided directionless trade is expected in the grain and soy markets to start daytime trade, though outside markets are price-negative.
Corn, soybeans and wheat traded in relatively narrow ranges during two-sided overnight price action.
Creighton University’s Monthly Index notes declines in economic indicators.
Areas expected to see both above-normal temps and below-normal precip have been reduced from previous forecasts.
Net corn sales for week ended Feb. 9 were down 12% from the previous week, but up 15% from the prior 4-week average, while Wheat and soybean sales were down 32% and 35% from their respective 4-week averages.
Corn and soybeans are expected to open mildly weaker, while wheat is likely to see a mixed tone.
Corn, soybeans and SRW wheat faced light followthrough selling during overnight trade, while HRW and HRS wheat mildly rebounded.
Farm diesel price falls to the lowest in nearly a year.
Cash hog prices firmed again this week as the seasonal rally is gradually underway.