Agriculture News
Corn futures fell to contract lows overnight, while soybeans posted double-digit losses and wheat followed to the downside.
Weekly soybean sales during the week ended Jan. 25 missed the pre-report range by over 330,000 MT, while soymeal sales exceeded expectations. Corn and wheat sales were within pre-report estimates.
Corn, soybeans and wheat kicked off the new month with a round of fresh selling during the overnight session.
Corn and soybean basis remained positive but slightly below average for this time of year.
The underlying data was bullish as the U.S. cattle herd contracted further — and will continue to do so.
Corn, soybeans and wheat pulled back from Tuesday’s strong corrective gains during overnight trade.
HRW crop ratings improvements over the past month were led by top producer Kansas and Nebraska.
Corn, soybeans and wheat extended Monday’s losses during the overnight session.
Malanga notes the possibility of the Federal Open Market Committee (FOMC) considering a rate cut in March if labor market weakness becomes apparent.
During the week ended Jan. 25, weekly wheat and soybean inspections were down from the previous week, while corn inspections rose 155,000 MT.
Short-term trend turns bullish for lean hog futures.