Agriculture News
The data is mildly friendly compared to pre-report expectations, with all three categories on the bullish side of the average trade estimates.
Beef stocks declined contra-seasonally in January, implying demand was strong, especially since beef production rose in December.
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Wheat sales for week ended Feb. 16 were 338,800 MT, a 62% increase from the previous week nearly 40% above the 4-week average. Corn sales were 30% below the 4-week average, with soybeans nearly 20% below.
Grain and soy futures are expected to open lower on followthrough selling and pressure from the U.S. dollar.
Soybeans firmed on light corrective buying overnight, while the corn and wheat markets faced pressure.
Light, two-sided trade is expected in the grain and soy markets this morning.
At the annual Ag Outlook Forum, USDA issued its first projections for the 2023-24 marketing year, based on the January WASDE Report.
Corn, soybeans and wheat traded on both sides of unchanged while holding in narrow ranges overnight.
Cash cattle prices hit a new high for the year and reach the highest level since mid-2015.