Agriculture News
Soybeans faced light profit-taking pressure at the end of the overnight session, which is likely to spill over into the start of daytime trade.
Soybean basis declined but remained above futures and the cash price firmed over the past week.
Farmers have waited for months for some farm policy decision to be made by USDA, notably the Phase 2 provisions of the Emergency Relief Program (ERP).
Soybeans are expected to lead price gains in the grain and soy markets this morning after a strong performance overnight.
Corn and soybeans firmed after initially trading lower overnight, while wheat futures favored the downside in two-sided price action.
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.