Agriculture News
Soybeans rallied sharply overnight, scoring new contract highs, amid South American weather concerns. Corn and wheat followed soybeans higher.
Wheat futures failed to find followthrough selling overnight after a bearish outside day down on Monday, which triggered light corrective buying. Corn also mildly rebounded overnight, while soybeans paused.
USDA estimates there were 91.9 million head of cattle in the U.S. as of Jan. 1, down 1.9 million head (2.0%) from year-ago and 762,000 head less than the average pre-report estimate implied.
![“Asian exporters are paying premium shipping rates, sometimes 10 times what the rate is for going from the [United] States back to Asia, and this shipping rate disparity incentivizes sending back those empty containers,” Borror said.](https://assets.farmjournal.com/dims4/default/92c7bcd/2147483647/strip/true/crop/840x561+0+19/resize/250x167!/format/webp/quality/90/?url=https%3A%2F%2Ffj-corp-pub.s3.us-east-2.amazonaws.com%2Fs3fs-public%2F2021-02%2FExport-ship-840.jpg)
Short-, intermediate and long-term trends are up for corn and soybeans.
Soybean futures posted another round of contract highs overnight, with the front-month contract reaching the highest level since June 2021 on the continuation chart. Corn and wheat followed soybeans higher.
USDA’s Cattle Inventory Report at 2 p.m. CT is expected to show the U.S. cattle herd as of Jan. 1 contracted 1.2% from year-ago.
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Old-crop soybean futures led price gains across the grain and soy complex and posted new contract highs overnight.
Dry/drought conditions in HRW get worse