Agriculture News
We expect price pressure seen in corn, soybeans and winter wheat to carry over to the start of daytime trade.
Corn and soybean futures extended Tuesday’s declines during overnight trade, while wheat futures traded narrowly mixed.
Corn and wheat futures are expected to be mildly firmer, while soybeans are called slightly weaker. But we anticipate two-sided, directionless price action.
Two-sided trade was seen in the grain and soy markets overnight, with corn and wheat mildly firmer and soybeans weaker early this morning.
Soybean export inspections were down nearly 360,000 MT from the previous week, but were near the top-end range of pre-report estimates. Soybean inspections are running currently running 1.6% ahead of a year ago.
Corn and wheat are expected to open under mild pressure, while soybeans are likely to be mostly weaker this morning.
Soybeans are firmer this morning, while corn and wheat are weaker following two-sided trade overnight.
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The firmer tone from overnight is expected to carry over to daytime trade.
Corn and wheat futures posted corrective gains overnight, while soybeans also traded higher despite weakness in soymeal.
Chicago Federal Reserve says Midwest farmland values rose 12%
Soybeans are expected to open with a firmer tone. Corn and wheat are expected to open mixed.
Export sales data for week ended Feb. 2 showed net cotton sales of 262,800 RB, which was up 54% from the previous week and 58% from the prior 4-week average.
Soybeans are firmer this morning on followthrough buying, while corn and wheat are pivoting on either side of unchanged.
Cash soybean meal price tops $500 for the first time since August.
Cash hog prices show signs of a seasonal low.
The data failed to move markets much from where they were trading ahead of USDA’s reports.
USDA reported ending stocks for corn, soybeans and wheat higher than pre-report estimates.
The mostly firmer tone overnight is expected to carry over to daytime trade as traders await USDA’s reports later this morning.