Agriculture News
Soybean futures posted double-digit gains overnight while corn traded slightly higher and the wheat market was mixed.
Soybean futures led price declines overnight as the market pulled back from strong gains earlier this week. Corn and wheat faced mild selling pressure overnight.
Soybean basis and the average cash price both rose.
District agricultural conditions were mixed, though mostly strong.
Soybean futures pushed to their highest levels since September overnight, while corn and wheat were supported by end-of-the-month corrective buying.
The CCI ratings for HRW and SRW are both well below the respective five-year averages.
Corn mildly favored to the downside, while soybeans and wheat were mostly firmer during a lightly traded overnight session.
Corn export inspections missed low-end expectations by nearly 100,000 MT, while wheat was just shy. Soybean export inspections were notable, but below last week’s figure by over 400,000 MT.
Chinese Covid protests rattle markets coming out of the holiday weekend.
Limited movement in short-term price trends during the holiday week.
Corn, soybean and SRW wheat futures faced pressure overnight amid concerns with mounting Chinese Covid protests.