Agriculture News
The National Weather Service (NWS) 90-day forecast continues to call for increased chances of below-normal precip across most of the Central and Southern during the February through April period.
Corn and soybean export inspections were well above the previous week, topping pre-report expectations by nearly 75,000 MT and 150,000 MT, respectively. Wheat inspections were near top-end estimates of 400,000 MT.
Grain and soybean futures are called lower this morning after price pressure during overnight trade.
Grain markets traded solidly lower overnight, with wheat and soybeans leading price declines.
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Soybeans faced light profit-taking pressure at the end of the overnight session, which is likely to spill over into the start of daytime trade.
Corn, soybean and wheat futures extended Thursday’s USDA report-driven gains overnight but buyer interest is fading this morning.
Dec. 1 stocks, final 2022 production estimates and ending stocks lower than expected for corn and soybeans.
USDA estimated 59% of U.S. winter wheat areas were covered by drought, down five points from the previous week and 10 points lower than last year at this time.
Corn, soybeans turn higher on USDA data. Corn and soybean production also fell short of estimates, leaving ending stocks below the average pre-report estimate.