Agriculture News
Corn and wheat traded lower overnight, while soybeans firmed a little in quiet price action ahead of USDA’s February crop reports later this morning.
Basis turned slightly negative for corn and soybeans despite a big drop in cash prices.
Corn futures fell to contract lows overnight, while soybeans posted double-digit losses and wheat followed to the downside.
Declining prices for key commodities weighed on agricultural producer sentiment in January.
Corn, soybeans and wheat traded in narrow ranges in two-sided price action overnight but have adopted a mostly firmer tone this morning.
Weekly soybean inspections during the week ended Feb. 1, rose more than 500,000 MT from the previous week and above the pre-report range. Meanwhile, corn inspections dropped 300,000 MT on the week.
Soybeans posted light two-sided trade overnight, while the corn and wheat markets weakened.
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Corn, soybeans and wheat faced light selling pressure early in the overnight session but have firmed this morning with wheat leading the move higher.