Agriculture News
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.
Corn and winter wheat futures extended losses from the two previous days overnight, while soybeans turned mixed this morning after facing pressure earlier in the session.
After the Bell | January 19, 2023 Forecasts of improving weather in Argentina over the next two weeks weighed on the grain and soy complex.
The National Weather Service (NWS) 90-day forecast continues to call for increased chances of below-normal precip across most of the Central and Southern during the February through April period.
RMI shows some optimism for rural economy,
Average farm diesel price falls below $4 for the first time since late February 2022.
The drought footprint continued to gradually recede but remained wide.
Corn, soybean and wheat futures are expected to face followthrough selling after a lower close on Wednesday and weakness overnight.
Corn, soybean and wheat futures showed mild followthrough selling during most of the overnight session, but price action has turned narrowly mixed early this morning.
Corn and soybean basis declines amid big jump in cash prices.