Agriculture News
Corn, soybeans and wheat opened lower overnight but firmed through the session and are higher this morning.
Weekly export data for week ended Dec. 8 showed corn topping expectations by nearly 60,000 MT, with wheat nearly 120,000 MT above the top-end range. Soybean export sales breached the top-end range by 943,000 MT.
The National Weather Service (NWS) 90-day forecast continues to call for increased chances of below-normal precip across most of HRW wheat areas during the January through March period.
As of Dec. 13, 78% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, seven points below the peak at the beginning of November.
Corn, soybean and wheat futures traded within narrow ranges in quiet, two-sided price action overnight.
Basis remains above average for both corn and soybeans.
Fed officials projected the federal funds rate will rise to 5.1% by the end of 2023, up from 4.6% projected in September.
Corn, soybean and wheat futures traded solidly lower overnight despite supportive outside markets.
Corn and wheat futures extended Monday’s corrective gains overnight, while the soybean market recouped a small portion of yesterday’s losses.
Weekly export inspections for Dec. 8, revealed corn and wheat on the shallow-end of expectations, while soybeans proved mid-range. Each were notably lower than the previous week’s data.
Short-term trend turns sideways for lean hog futures.