Agriculture News
Two-sided trade was seen in the grain and soy markets overnight, with corn and wheat mildly firmer and soybeans weaker early this morning.
Soybeans are expected to open with a firmer tone. Corn and wheat are expected to open mixed.
Export sales data for week ended Feb. 2 showed net cotton sales of 262,800 RB, which was up 54% from the previous week and 58% from the prior 4-week average.
Soybeans are firmer this morning on followthrough buying, while corn and wheat are pivoting on either side of unchanged.
Cash soybean meal price tops $500 for the first time since August.
Cash hog prices show signs of a seasonal low.
The data failed to move markets much from where they were trading ahead of USDA’s reports.
USDA reported ending stocks for corn, soybeans and wheat higher than pre-report estimates.
The mostly firmer tone overnight is expected to carry over to daytime trade as traders await USDA’s reports later this morning.
Grain and soy futures traded solidly higher overnight, led by old-crop soybeans.
