Agriculture News
Short-term trend turns bullish for live cattle and feeder cattle.
Corn and soybean futures are weaker this morning after two-sided trade earlier in the overnight session, while wheat futures are narrowly mixed.
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Grain and soy futures traded lower overnight, with late pressure from a surge in the U.S. dollar after the much stronger-than-expected January jobs data. We expect the weaker tone to continue early this morning.
Soybeans extended Thursday’s gains in overnight trade, while the corn and wheat markets faced pressure.
Our updated monthly and quarterly price forecasts, including the initial look at the third quarter.
Corn, soybeans and wheat are expected to open higher. Weekly sales were strong for corn, at the lower end of expectations for soybeans and poor for wheat.
Export sales for week ended Jan. 26 showed corn sales of 1.593 MMT, notably above top-end estimates of 1.2 MMT. Soybean sales were just above low-end estimates of 700,000 MT, while wheat fell short by over 163,000 MT.