Agriculture News
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.
Basis turned slightly negative for corn and soybeans despite a big drop in cash prices.
Corn futures fell to contract lows overnight, while soybeans posted double-digit losses and wheat followed to the downside.
Declining prices for key commodities weighed on agricultural producer sentiment in January.
Corn, soybeans and wheat traded in narrow ranges in two-sided price action overnight but have adopted a mostly firmer tone this morning.
Weekly soybean inspections during the week ended Feb. 1, rose more than 500,000 MT from the previous week and above the pre-report range. Meanwhile, corn inspections dropped 300,000 MT on the week.
Soybeans posted light two-sided trade overnight, while the corn and wheat markets weakened.
Access this week’s newsletter here.
Corn, soybeans and wheat faced light selling pressure early in the overnight session but have firmed this morning with wheat leading the move higher.
Our updated monthly and quarterly price forecast, including the first outlook for the third quarter.