Agriculture News
Weekly soymeal sales totaled 203,400 MT during the week ended Feb. 8, missing the pre-report range, while corn sales held steady at 1.31 MMT. Wheat and soybean sales were near the low-end of pre-report estimates.
Corn, soybeans and wheat held in tight trading ranges during a quiet overnight session.
For the week ended Feb., USDA showed corn and wheat inspections up 230,000 MT and 112,000 from the previous week, while soybean inspections fell 420,000 MT after a 320,000 MT upward revision to last week’s figure.
Most short-term, intermediate and long-term trends unchanged.
Corn and soybean futures firmed amid mild corrective buying overnight, while wheat traded lower.
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Corn faced followthrough selling overnight, while soybeans more than erased Thursday’s gains and the wheat market was mixed.
USDA unexpectedly increased corn ending stock and raised soybean carryover more than anticipated.
USDA showed soybean ending stocks rose 35 million bu. from January, while corn rose 10 million bu,. Meanwhile, 2023-24 global soybean carryover was notably higher than expectations.
