Agriculture News
USDA raised its corn, soybean and cotton crop estimates, pushing up projected ending stocks. Wheat ending stocks also increased.
Both crops remain well above year-ago levels.
Weekly corn export inspections outpaced pre-report expectations by 135,000 MT, while wheat inspections missed by over 100,000 MT.
Short-term trend turns bullish for soybeans and lean hog futures.
Soybean futures posted strong gains overnight, which spilled over to corn, while wheat faced light selling pressure.
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Corn, soybeans and wheat held in relatively tight ranges while spending time on both side of unchanged during overnight trade.
Updated monthly and quarter price forecasts, including the initial outlook for the second quarter of 2024.
Weekly wheat sales, short of pre-report estimates, were down 24% from the previous week, while corn and soybeans were down 45% and 27%, respectively.
Soybeans traded sharply higher overnight, while corn and most wheat contracts posted milder gains.
Soybean basis weakened on the rollover to the January contract but the cash price firmed.