Agriculture News
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.
Corn, soybean and wheat futures recouped a portion of Monday’s sharp price losses during the overnight session.
USDA’s weekly export inspections data for week ended Jan. 19 showed corn and wheat inspections toward their lower expected ranges, while soybeans landed near top-end expectations of 1.955 MMT.
Soybeans will lead grain and soy markets lower on pressure from beneficial rains across Argentina late last week and during the weekend.
Short-term trend turns bearish for live cattle and feeder cattle.
Soybeans led overnight price declines amid improved weather in Argentina, while corn and wheat followed to the downside.
From an underlying standpoint, the data is bullish as feedlot supplies declined from year-ago for a fourth straight month.
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AgResource sampled fields across Mato Grosso, Brazil, this week, confirming “impressive crop potential” in the country’s top producing state.
Corn, wheat and soymeal export sales top expectations for the week ended Jan. 12, while soybeans landed in the mid to upper range of expectations.
Grain and soybean futures are expected to open with a mostly weaker tone this morning, though supportive export demand data could trigger buyer interest.