Agriculture News
Wheat futures are trading sharply higher this morning, while soybeans and the soy product markets are lower on followthorugh selling. Corn is caught in the middle.
The smallest March hog herd and market hog inventory since 2018. The breeding herd is the smallest since 2017.
Grain and soy futures finished higher and high-range overnight as outside market pressure from Tuesday eased. Cattle and hogs also expected to open higher.
Corn and soy complex futures posted modest corrective gains overnight. Wheat futures were weaker for most of the overnight session but have turned mixed early this morning.
Grain and soy markets faced heavy selling tied to improved peace talks between Russia and Ukraine. Hogs futures also faded on that news, while cattle firmed amid the sharp pressure on corn.
Followthrough pressure from heavy selling in grain and soy futures late in the overnight session amid renewed hopes of Russia/Ukraine peace talks. Livestock markets expected to open lower, too.
Wheat and corn continued to be pressured in overnight trade. Soybeans traded higher.
HRW crop conditions improved modestly during March but are still far below last fall and the five-year average for early April.
March planting intentions is getting much of the pre-report hype, but March 1 grain stocks could end up being the data that moves markets.
Analysts expect Wednesday’s Hogs & Pigs Report to show the U.S. hog herd contracted 1.2% from year-ago as of March 1.
Grain and soy markets faced heavy pressure from broad risk aversion. Cattle futures were also pressured by that selling, while hogs shook it off to close mostly firmer.