Agriculture News
Kansas has a one-point decline in dry/drought area
Winter wheat and corn futures are under light pressure this morning, while soybeans are modestly higher.
Corn and wheat basis firmed even as cash prices rose.
February beef exports were the second most ever for the month. Pork exports plunged amid sharply reduced shipments to China.
CRP enrollment acres down a net 1.4 million acres
Winter wheat futures led strong followthrough buying in the grain and soy markets overnight amid lower-than-expected U.S. crop ratings and global supply concerns.
Both the HRW and SRW CCI ratings are well below normal to start spring, with the HRW the lowest since 2011.
Corn, soybean and wheat futures rebounded from last week’s losses in overnight.
Soybeans, wheat and hogs all posted poor technical performances this week.
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Wheat futures traded sharply higher overnight, while soybeans were slightly lower and corn was mixed. Similar trade is expected on the open this morning. Cattle and hogs are called weaker amid followthrough selling.
Wheat futures are trading sharply higher this morning, while soybeans and the soy product markets are lower on followthorugh selling. Corn is caught in the middle.
USDA unexpectedly estimates farmers intend to plant more acres to soybeans than corn in 2022. March 1 stocks were slightly lower than expected, while soybean stocks came in higher than anticipated.
Soybeans and cotton above expectations
Quiet trade expected ahead of USDA’s reports at 11 a.m. CT. Hog futures will be supported by Wednesday’s bullish Hogs & Pigs Report.
SRW areas show the largest improvement
Soybean and pork export sales increase