Agriculture News
Soybeans are higher this morning after there was limited followthrough selling from Thursday’s poor closes early in the overnight session. Corn and wheat are following soybeans higher.
As of Dec. 31, Statistics Canada (StatsCan) estimated Canadian stocks of wheat, canola, barley, oats and soybeans were all well below year-ago levels.
Grain and soybean futures pulled back from Monday’s gains in corrective trade overnight on profit-taking and pressure from outside markets.
All three within trade expectations.
USDA will update its 2021-22 U.S. demand forecasts in the Feb. 9 Supply & Demand Report, though a bigger focus will be changes to the South American crop forecasts.
Short-term trend turns up for live cattle and feeder cattle.
Soybeans rallied sharply overnight, scoring new contract highs, amid South American weather concerns. Corn and wheat followed soybeans higher.
Access this week’s newsletter here.
There was broad, though relatively mild, price strength overnight across grain and soy futures amid support from outside markets.
Our updated monthly and quarterly price forecasts, including the first projections for the third quarter.
