Agriculture News
Although soybean export inspections were down over 100,00 MT from the previous week, they continue to prove consistent. Wheat inspections topped pre-report expectations, while corn landed just above the low-end estimate.
Our updated monthly and quarterly price forecasts, including the initial look at the third quarter.
Corn, soybeans and wheat are expected to open higher. Weekly sales were strong for corn, at the lower end of expectations for soybeans and poor for wheat.
Export sales for week ended Jan. 26 showed corn sales of 1.593 MMT, notably above top-end estimates of 1.2 MMT. Soybean sales were just above low-end estimates of 700,000 MT, while wheat fell short by over 163,000 MT.
Soy complex futures traded higher overnight, while wheat favored the upside and corn faded to a mixed tone this morning.
Basis firmed for both corn and soybeans even as cash prices rose.
Mixed, two-sided price action is likely in grain and soy futures to kick off the new month.
Soybeans modestly built on Tuesday’s gains overnight, while corn extended yesterday’s losses and wheat pulled back in overnight trade.
The beef cow herd was the smallest since 1962.