Agriculture News
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Corn and soybeans are weaker this morning after two-sided price action overnight, while wheat futures are mostly firmer.
Big weekly gains in cash grain and soybean prices.
Rural Mainstreet Index registers sight decline in optimism on farmland and ag equipment.
Weekly export data for week ended Dec. 8 showed corn topping expectations by nearly 60,000 MT, with wheat nearly 120,000 MT above the top-end range. Soybean export sales breached the top-end range by 943,000 MT.
The National Weather Service (NWS) 90-day forecast continues to call for increased chances of below-normal precip across most of HRW wheat areas during the January through March period.
As of Dec. 13, 78% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, seven points below the peak at the beginning of November.
Corn, soybean and wheat futures traded within narrow ranges in quiet, two-sided price action overnight.
Basis remains above average for both corn and soybeans.
Fed officials projected the federal funds rate will rise to 5.1% by the end of 2023, up from 4.6% projected in September.
Corn, soybean and wheat futures traded solidly lower overnight despite supportive outside markets.
Corn and wheat futures extended Monday’s corrective gains overnight, while the soybean market recouped a small portion of yesterday’s losses.
Weekly export inspections for Dec. 8, revealed corn and wheat on the shallow-end of expectations, while soybeans proved mid-range. Each were notably lower than the previous week’s data.
Short-term trend turns sideways for lean hog futures.
Soybean, soymeal and soyoil futures faced moderate to heavy pressure overnight, while the corn and wheat markets firmed.
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Corn ending stocks landed on the higher end of pre-report expectations due to a reduction in exports, while soybean ending stocks were unchanged. However, corn world ending stocks proved short of pre-report estimates.
USDA made no changes to the soybean or wheat balance sheets this month.
Corn, soybeans and wheat traded mildly higher in light overnight action as traders awaited USDA’s December crop reports later this morning.