Agriculture News
Corn, soybeans and wheat traded mildly higher in light overnight action as traders awaited USDA’s December crop reports later this morning.
Wheat export inspections for week ended Dec. 1 proved solid, topping expectations by nearly 35 MT, and up over 50 MT from the previous week. Corn inspections were mid-range, and up by almost 213,000 MT week over week.
Short-term trend turns bearish for corn and soyoil; bullish for soybeans and soymeal.
Soybeans and wheat were mildly firmer in overnight trade, while corn traded narrowly on either side of unchanged.
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Winter wheat futures led a round of followthrough selling in overnight trade, while corn and soybeans faced lighter pressure.
Weekly export sales for week ended Nov. 24 revealed wheat missing low end expectations by over 140,000 MT, while corn and bean sales landed just above their respective low-end estimates.
Drought covers 80% of the U.S., with 74% of U.S. winter wheat area impacted.
Cash cattle price climbs to the highest since May 2015.
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.