Agriculture News
Corn, soybeans turn higher on USDA data. Corn and soybean production also fell short of estimates, leaving ending stocks below the average pre-report estimate.
USDA will release its Annual Production Summary, Supply & Demand Report, Winter Wheat Seedings and Quarterly Grain Stocks Report on Thursday.
Bears tightened their grip on the grain and soy markets overnight after a disappointing finish on Monday. Lower price action is expected this morning.
Heavier selling pressure was seen in grain and soy futures overnight, especially the soybean and winter wheat markets, after disappointing finishes on Monday.
Weekly export inspections for week ended Jan. 5 revealed wheat inspections up over 116,001 MT from the previous week’s tally, while corn and soybeans were well below.
Corn and wheat are expected to open lower, with soybeans likely to trade higher initially this morning.
Short-term trend turns sideways for corn and SRW; trend now lower for lean hog futures.
Soybeans and wheat mildly favored the upside in quiet overnight trade, while corn traded on both sides of unchanged.
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Weekly export sales for week ended Dec. 29 revealed mild wheat sales, missing low-end expectations by nearly 153,000 MT. Corn sales were also shy by 81,000 MT and soybeans landed on the low range.
Grain and soy futures are expected to open firmer on corrective buying, though it has been a struggle to find sustained buying during daytime trade on bounce attempts this week.