Agriculture News
Soybeans faced followthrough selling overnight. Corn and wheat posted two-sided trade but have weakened early this morning.
Most of the decline in wheat conditions in February was in top producer Kansas.
Soybean export inspections for week ended Feb. 23 missed low-end expectations by 159,000 MT and were down from the previous week by 893,000 MT. Though wheat inspections were above top end estimates by over 90,000 MT.
Short-term trend turns bearish for corn, SRW wheat.
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.
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Wheat sales for week ended Feb. 16 were 338,800 MT, a 62% increase from the previous week nearly 40% above the 4-week average. Corn sales were 30% below the 4-week average, with soybeans nearly 20% below.
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.
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.