Agriculture News
Corn and soybean futures faced pressure overnight after weekend rains fell on some dry areas of South America, while wheat showed a mixed tone.
Basis remains above average for both corn and soybeans.
Fed officials projected the federal funds rate will rise to 5.1% by the end of 2023, up from 4.6% projected in September.
Corn, soybean and wheat futures traded solidly lower overnight despite supportive outside markets.
Corn and wheat futures extended Monday’s corrective gains overnight, while the soybean market recouped a small portion of yesterday’s losses.
Weekly export inspections for Dec. 8, revealed corn and wheat on the shallow-end of expectations, while soybeans proved mid-range. Each were notably lower than the previous week’s data.
Short-term trend turns sideways for lean hog futures.
Soybean, soymeal and soyoil futures faced moderate to heavy pressure overnight, while the corn and wheat markets firmed.
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Corn ending stocks landed on the higher end of pre-report expectations due to a reduction in exports, while soybean ending stocks were unchanged. However, corn world ending stocks proved short of pre-report estimates.
USDA made no changes to the soybean or wheat balance sheets this month.