Agriculture News
During the week ended Jan. 18, weekly corn and soybean inspections dropped 233,127 MT and 117,068 MT, respectively, while wheat inspections rose 72,112 MT from the previous week’s totals.
Basis turns slightly positive for corn and soybeans as cash prices continue to drop.
Corn and soybeans favored the downside in two-sided trade overnight, while the winter wheat markets posted modest corrective gains.
USDA reported weekly export inspections of 1.264 MMT soybeans during the week ended Jan. 11, which rose 224,000 MT from the previous week. Meanwhile, corn and wheat inspections declined on the week.
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.