Agriculture News
Corn faced followthrough selling overnight, while soybeans more than erased Thursday’s gains and the wheat market was mixed.
Weekly soybean inspections during the week ended Feb. 1, rose more than 500,000 MT from the previous week and above the pre-report range. Meanwhile, corn inspections dropped 300,000 MT on the week.
Soybeans posted light two-sided trade overnight, while the corn and wheat markets weakened.
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Corn, soybeans and wheat faced light selling pressure early in the overnight session but have firmed this morning with wheat leading the move higher.
Our updated monthly and quarterly price forecast, including the first outlook for the third quarter.
Weekly soybean sales during the week ended Jan. 25 missed the pre-report range by over 330,000 MT, while soymeal sales exceeded expectations. Corn and wheat sales were within pre-report estimates.
Corn, soybeans and wheat kicked off the new month with a round of fresh selling during the overnight session.
Corn and soybean basis remained positive but slightly below average for this time of year.
The underlying data was bullish as the U.S. cattle herd contracted further — and will continue to do so.