Agriculture News
Export inspections for week ended Dec. 15 proved mid-range for corn, while soybeans and wheat landed towards the lower end of pre-report expectations.
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.
Soybean, soymeal and soyoil futures faced moderate to heavy pressure overnight, while the corn and wheat markets firmed.
Access this week’s newsletter here.