Agriculture News
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Corn faced followthrough selling overnight, while soybeans more than erased Thursday’s gains and the wheat market was mixed.
USDA unexpectedly increased corn ending stock and raised soybean carryover more than anticipated.
USDA showed soybean ending stocks rose 35 million bu. from January, while corn rose 10 million bu,. Meanwhile, 2023-24 global soybean carryover was notably higher than expectations.
Corn and wheat traded lower overnight, while soybeans firmed a little in quiet price action ahead of USDA’s February crop reports later this morning.
Basis turned slightly negative for corn and soybeans despite a big drop in cash prices.
Corn futures fell to contract lows overnight, while soybeans posted double-digit losses and wheat followed to the downside.
Declining prices for key commodities weighed on agricultural producer sentiment in January.
Corn, soybeans and wheat traded in narrow ranges in two-sided price action overnight but have adopted a mostly firmer tone this morning.