Agriculture News
Corn and soybean basis slipped, but cash prices surged.
Projected 2021-22 ending stocks for corn, soybeans, wheat and cotton all came in higher than the average pre-report estimates.
U.S. ending stocks down for beans, steady for corn, up for wheat and cotton
Old-crop soybean futures recouped Tuesday’s corrective losses overnight, while new-crop November futures pushed to a new contract high.
As of Dec. 31, Statistics Canada (StatsCan) estimated Canadian stocks of wheat, canola, barley, oats and soybeans were all well below year-ago levels.
Grain and soybean futures pulled back from Monday’s gains in corrective trade overnight on profit-taking and pressure from outside markets.
All three within trade expectations.
USDA will update its 2021-22 U.S. demand forecasts in the Feb. 9 Supply & Demand Report, though a bigger focus will be changes to the South American crop forecasts.
Short-term trend turns up for live cattle and feeder cattle.
Soybeans rallied sharply overnight, scoring new contract highs, amid South American weather concerns. Corn and wheat followed soybeans higher.
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There was broad, though relatively mild, price strength overnight across grain and soy futures amid support from outside markets.
Our updated monthly and quarterly price forecasts, including the first projections for the third quarter.
Soybeans were pressured by profit-taking and corrective selling overnight, while the corn and wheat markets faced followthrough selling to Wednesday’s losses.
Soybean basis slipped only a penny as the cash price surged over $1 during the past week.
Soybeans posted new highs overnight, with the March contract topping $15.60 amid a continued price surge tied to South American crop losses and speculative buying. Corn and wheat modestly followed higher.
Wheat futures failed to find followthrough selling overnight after a bearish outside day down on Monday, which triggered light corrective buying. Corn also mildly rebounded overnight, while soybeans paused.
USDA estimates there were 91.9 million head of cattle in the U.S. as of Jan. 1, down 1.9 million head (2.0%) from year-ago and 762,000 head less than the average pre-report estimate implied.