Agriculture News
Corn and wheat futures extended Monday’s corrective gains overnight, while the soybean market recouped a small portion of yesterday’s losses.
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.
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.