Agriculture News
The figures for Feb. 1 feedlot inventory and January placements and marketings were in line with pre-report expectations.
Soybean futures posted contract highs overnight, while the wheat and corn markets faced light profit-taking after Tuesday’s rallies.
USDA’s Cold Storage Report showed a smaller-than-normal build in frozen pork stocks during January, while beef stocks rose versus a normal small decline during the month.
Wheat above expectations, corn and beans within expectations
Grain and energy markets had a big price response overnight to escalating tensions between Russia and Ukraine as U.S. markets reopened following the three-day weekend.
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Old-crop soybeans poked above $16 overnight, but key is whether there’s sustained buying above that level – something that hasn’t happened the two previous times.
Monthly rural banker survey finds plenty of positives but worries about input costs.
Cash soybean prices drop but remain historically strong at over $15.
The 90-day forecast continues to give elevated odds of above-normal temps across HRW areas. Below-normal precip also is likely over all but far eastern areas of the Central and Southern Plains.