Agriculture News
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.
Grain and soy complex futures traded lower overnight amid corrective selling and pressure from outside markets.
Individual state crop conditions ratings showed further deterioration of the HRW wheat crop during January.
Weekly export inspections for week ended Jan. 26, showed corn inspections 200,860 MT below the previous week, missing low-end estimates by over 70,000 MT. Wheat and soybean export inspections were each notable.
Grain and soy markets are expected to see followthrough buying from price gains overnight amid weather concerns.
Grain and soy futures opened the week with solid gains, led by sharp advances in soybeans.
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Corn, soybeans and wheat dropped at the end of the overnight session, prompting calls for a weaker start this morning.
Corn and soybeans posted two-sided trade in light overnight price action, while wheat faded.