Agriculture News
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.
During the week ended Jan. 4, weekly wheat inspections topped pre-report estimates by over 140,000 MT, while soybean inspections were just shy of the pre-report range of 700,000 MT to 1.125 MMT.
Short-term trend turns bullish for live cattle and feeders.
Grain futures posted two-sided trade overnight, though markets are mostly weaker this morning.
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Weekly corn, wheat and soybean sales each missed pre-report expectations for the week ended Dec. 28, while corn and soybean sales slid to a marketing-year low.
Corn and soybean futures mildly favored the downside in quiet, two-sided overnight trade, while wheat firmed.
Corn, soybeans and wheat traded in narrow ranges during a quiet overnight session.
The average cash soybean price dropped sharply over the past week.