Agriculture News
Grain and soy markets are expected to see followthrough buying from price gains overnight amid weather concerns.
Soybeans and wheat built on Wednesday’s gains during the overnight session, while corn rebounded from yesterday’s modest declines.
Cash hog prices continued their extended seasonal decline.
Beef stocks rose more than average during December, while pork stocks increased versus the normal small drawdown in inventories during the month.
USDA’s food price outlook data and forecasting methodology were revised this month.
Soybeans are expected to open weaker, with wheat firmer and corn near unchanged.
Corn and wheat futures were supported by followthrough buying overnight after strong gains on Tuesday, while the soybean market extended yesterday’s declines.
Grain and soybean futures are expected to trade higher amid corrective buying following Monday’s sharp losses.
Corn, soybean and wheat futures recouped a portion of Monday’s sharp price losses during the overnight session.
USDA’s weekly export inspections data for week ended Jan. 19 showed corn and wheat inspections toward their lower expected ranges, while soybeans landed near top-end expectations of 1.955 MMT.