Agriculture News
Soybeans traded higher but within Tuesday’s range, while soymeal futures posted new highs. Wheat futures were supported by mild corrective buying, while corn posted light, two-sided trade overnight.
The Current Conditions Index declined 3 points to a reading of 98, while the Future Expectations Index increased 2 points to a reading of 104.
Soybean futures posted double-digit gains overnight while corn traded slightly higher and the wheat market was mixed.
Wheat export inspections for week ended Dec. 1 proved solid, topping expectations by nearly 35 MT, and up over 50 MT from the previous week. Corn inspections were mid-range, and up by almost 213,000 MT week over week.
Short-term trend turns bearish for corn and soyoil; bullish for soybeans and soymeal.
Soybeans and wheat were mildly firmer in overnight trade, while corn traded narrowly on either side of unchanged.
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Winter wheat futures led a round of followthrough selling in overnight trade, while corn and soybeans faced lighter pressure.
Weekly export sales for week ended Nov. 24 revealed wheat missing low end expectations by over 140,000 MT, while corn and bean sales landed just above their respective low-end estimates.
Drought covers 80% of the U.S., with 74% of U.S. winter wheat area impacted.