Agriculture News
Grain and soy futures will face heavy pressure this morning. Cattle futures are also expected to trade lower, while hogs may see followthrough strength on the open.
Wheat futures led overnight price declines. Despite the heavy pressure, wheat and corn futures remained within their recent sideways trading ranges, while soybeans stayed within their choppy to higher range.
USDA expects 2022 food prices to increase 4.5% to 5.5%
March 1 feedlot inventory was the largest ever for the month and 31,000 head more than traders anticipated.
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Grain and soybean futures mildly extended Thursday’s losses in relatively quiet overnight trade.
Diesel prices ease a little but they are still nearly $2 above year-ago.
Grain and soy markets faced price pressure overnight and are trading near session lows this morning.
Wheat basis continues to rebound, but remains much weaker than normal.
Cattle on Feed Report expected to show record March 1 inventory
Corn, soybean and wheat futures held within Tuesday’s price ranges overnight in relatively quiet trade that has markets trading higher and near session highs this morning.
USDA’s Cattle on Feed Report Friday afternoon is expected to show March 1 inventories up 1.1% from year-ago levels, which if realized would top last year’s record for the date by 132,000 head.
Possible U.S. food (likely wheat) donation to Ukraine could be a part of President Joe Biden’s trip to Europe.
Global supply concerns amid the ongoing war between Russia and Ukraine fueled active followthrough buying in grain and soy markets overnight, led by winter wheat.
Annual ISPFMRA survey finds Excellent-quality farmland soaring 26%.