Agriculture News
Basis firmed for both corn and soybeans even as cash prices rose.
Mixed, two-sided price action is likely in grain and soy futures to kick off the new month.
Soybeans modestly built on Tuesday’s gains overnight, while corn extended yesterday’s losses and wheat pulled back in overnight trade.
The beef cow herd was the smallest since 1962.
We expect followthrough selling from overnight trade to be seen in the grain and soy markets this morning. Key will be whether funds actively liquidate long positions or view the pullback as a fresh buying opportunity.
Grain and soy complex futures traded lower overnight amid corrective selling and pressure from outside markets.
Individual state crop conditions ratings showed further deterioration of the HRW wheat crop during January.
Weekly export inspections for week ended Jan. 26, showed corn inspections 200,860 MT below the previous week, missing low-end estimates by over 70,000 MT. Wheat and soybean export inspections were each notable.
Grain and soy markets are expected to see followthrough buying from price gains overnight amid weather concerns.
Grain and soy futures opened the week with solid gains, led by sharp advances in soybeans.
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Corn, soybeans and wheat dropped at the end of the overnight session, prompting calls for a weaker start this morning.
Corn and soybeans posted two-sided trade in light overnight price action, while wheat faded.
Cash hog prices extend seasonal decline to nearly $7 below year-ago.
Corn, soybeans and wheat are expected to open with a firmer tone on followthrough from overnight gains, along with supportive weekly export sales data and strength in crude oil.
USDA’s weekly export data for week ended Jan. 19 showed wheat sales up 6% from the previous week and 84% from the prior four-week average. Net soybean sales were up 53% from the four-week average, while corn was up 46%.