Agriculture News
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%.
Soybeans and wheat built on Wednesday’s gains during the overnight session, while corn rebounded from yesterday’s modest declines.
Cash hog prices continued their extended seasonal decline.
Beef stocks rose more than average during December, while pork stocks increased versus the normal small drawdown in inventories during the month.
USDA’s food price outlook data and forecasting methodology were revised this month.
Soybeans are expected to open weaker, with wheat firmer and corn near unchanged.
Corn and wheat futures were supported by followthrough buying overnight after strong gains on Tuesday, while the soybean market extended yesterday’s declines.
Grain and soybean futures are expected to trade higher amid corrective buying following Monday’s sharp losses.