Agriculture News
Soybeans were supported by corrective buying overnight, while corn and wheat faced followthrough selling.
Soybean futures continued their price surge overnight with front-month futures reaching their highest level on the continuation chart since Sept. 13. Corn and wheat traded in narrow ranges on either side of unchanged.
Big weekly gains in cash corn and winter wheat prices.
Choice boxed beef continues the strong year-end price rally.
Concerns with surging Covid cases in China triggered risk aversion in markets overnight, including grain and soy futures.
Soybeans built on Tuesday’s gains overnight but failed to get near yesterday’s highs. Corn and wheat futures held in tight trading ranges in thin trade.
Corn export inspections for week ended Dec. 22 were up on the week and short of the high end of expectations, while soybeans landed on the upper end of trade expectations, but trailed the previous week by 210,237 MT.
Short-term trend turns up for several markets, including corn, soyoil, SRW wheat and live cattle.
No overnight grain trade. Grain and livestock markets will reopen at 8:30 a.m. CT following the extended holiday weekend.
The Dec. 1 hog herd fell 1.8% from year-ago and was 210,000 head less than the average pre-report estimate implied.
The Dec. 1 feedlot inventory fell 2.6% from year-ago, the third straight month with a year-over-year decline.