Agriculture News
Corn, soybeans and wheat faced light selling pressure early in the overnight session but have firmed this morning with wheat leading the move higher.
Malanga notes the possibility of the Federal Open Market Committee (FOMC) considering a rate cut in March if labor market weakness becomes apparent.
During the week ended Jan. 25, weekly wheat and soybean inspections were down from the previous week, while corn inspections rose 155,000 MT.
Short-term trend turns bullish for lean hog futures.
Corn, soybeans and wheat faced increased selling pressure during overnight price action and are trading near session lows this morning.
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Corn and soybeans faced followthrough selling overnight, while wheat retreated from recent gains.
That would still be the smallest annual increase in overall food prices since they rose 0.9% in 2017.
Weekly soybean sales during the week ended Jan. 18, missed the low-end pre-report estimate by 140,000 MT and were down 28% from the previous week.
Corn, soybeans and wheat held in tight ranges in light overnight price action.
Basis and cash prices firmed for corn and soybeans.