Agriculture News
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.
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.
Grain and soybean futures firmed overnight amid followthrough buying as traders awaited USDA’s January crop reports later this morning.
Soybean basis declined but remained above futures and the cash price firmed over the past week.
Farmers have waited for months for some farm policy decision to be made by USDA, notably the Phase 2 provisions of the Emergency Relief Program (ERP).
Soybeans are expected to lead price gains in the grain and soy markets this morning after a strong performance overnight.
Corn and soybeans firmed after initially trading lower overnight, while wheat futures favored the downside in two-sided price action.
USDA will release its Annual Production Summary, Supply & Demand Report, Winter Wheat Seedings and Quarterly Grain Stocks Report on Thursday.