Agriculture News
Soybeans and wheat posted mild corrective gains overnight, while corn futures extended their price slide.
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Most of the data was bearish compared to pre-report expectations.
USDA pegged total U.S. corn and soybean production at 15.342 billion bu. and 4.165 billion bu., respectively amid a 2.4 bu. and 0.7 bu. bump in the national corn and soybean average yield estimate from November.
Corn, soybeans and wheat traded higher overnight amid light corrective buying ahead of USDA’s January crop reports later this morning and support from rising crude oil tied to increased Middle East tensions.
FNC sees stable farmland values.
Weekly soybean, wheat and soymeal sales fell short of expectations for the week ended Jan. 4, while corn sales were near the low-end of the pre-report range.
Soybeans traded solidly higher overnight, while corn and wheat pivoted around unchanged in light trade.
Basis firmed for soybeans and cash prices dropped.
