Agriculture News
Grain markets traded solidly lower overnight, with wheat and soybeans leading price declines.
Access this week’s newsletter here.
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.
Soybeans and corn are expected to be supported by Argentine crop concerns and outside markets.
Weekly export sales for week ended Jan. 5 reported corn sales below low-end expectations for the second week straight, while wheat and soybeans each landed within their lower expected ranges.
