Agriculture News
It’s typical for frozen beef stocks to rise during December, though the increase was slightly greater than normal. It’s also normal for pork stocks to decline in December, though the drop was less than average.
Weekly corn, soybean and wheat inspections were all within the range of pre-report estimates.
Wheat futures were supported by increased geopolitical tensions between Russia and Ukraine, while soybeans and corn were pressured by South American weather.
With all three categories coming in on the bearish side of the average pre-report estimates, the report is price-negative.
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USDA Secretary Tom Vilsack appeared before the House Ag Committee Thursday for nearly four hours.
Wheat and soybeans within expectations
Soybeans, corn and spring wheat pulled back from Thursday’s gains overnight, while winter wheat futures extended yesterday’s losses.
The Rural Mainstreet Index is above growth neutral for the 14th straight month.
Cash corn prices are well above year-ago, but soybeans dropped below last year.
The National Weather Service’s (NWS) 90-day forecast continues to give elevated odds of above-normal temps and below-normal precip across HRW areas of the Southern Plains through April.
Soybean futures built on Wednesday’s strong gains overnight, while the corn and winter wheat markets faced corrective selling.
Corn basis firms, soybean basis slips; both remain above futures.
Soybeans rebounded from Tuesday’s losses overnight, while wheat and corn extended yesterday’s gains.
Short-term trend turns down for oats, sideways for soymeal.
Soybeans posted double-digit losses overnight coming out of the extended weekend, while corn was slightly lower. Wheat futures posted corrective gains.
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Soybeans and wheat extended Thursday’s losses overnight, while corn mildly bounced after holding support at yesterday’s lows.