Agriculture News
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.
Soybean, soymeal and soyoil futures faced moderate to heavy pressure overnight, while the corn and wheat markets firmed.
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Corn ending stocks landed on the higher end of pre-report expectations due to a reduction in exports, while soybean ending stocks were unchanged. However, corn world ending stocks proved short of pre-report estimates.
USDA made no changes to the soybean or wheat balance sheets this month.
Corn, soybeans and wheat traded mildly higher in light overnight action as traders awaited USDA’s December crop reports later this morning.
Weekly export sales for week ended Dec. 1 reported soybean sales over 1.7 MMT, topping expectations by over 500,000 MT and were up over 1 MMT from the previous week. Corn landed mid-range at 691,600 MT.
As of Dec. 6, 79% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, down one percentage point from the previous week.
Corn, soybean and wheat futures modestly built on Wednesday’s gains during overnight trade.
Boxed beef and pork cutout prices continued their recent slide.