Agriculture News
Soybean export inspections were down nearly 360,000 MT from the previous week, but were near the top-end range of pre-report estimates. Soybean inspections are running currently running 1.6% ahead of a year ago.
Export sales data for week ended Feb. 2 showed net cotton sales of 262,800 RB, which was up 54% from the previous week and 58% from the prior 4-week average.
Soybeans are firmer this morning on followthrough buying, while corn and wheat are pivoting on either side of unchanged.
Cash soybean meal price tops $500 for the first time since August.
Cash hog prices show signs of a seasonal low.
The data failed to move markets much from where they were trading ahead of USDA’s reports.
USDA reported ending stocks for corn, soybeans and wheat higher than pre-report estimates.
The mostly firmer tone overnight is expected to carry over to daytime trade as traders await USDA’s reports later this morning.
Grain and soy futures traded solidly higher overnight, led by old-crop soybeans.
USDA forecasts net farm income will decline $25.9 billion (15.9%) from last year to $136.9 billion, driven partly by an expected $5.4 billion (34.4%) drop in direct government payments.