Agriculture News
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.
Wheat, corn export sales above market expectations
Soybean futures pulled back early in overnight trade but have rebounded to post new contract highs this morning. Overnight price action was light and choppy in corn and wheat.
Corn basis firmed a penny over the past week as futures rose.
The wheat market faced profit-taking and corrective selling overnight following strong gains the first two days this week. Corn was pulled slightly lower by wheat, while soybeans favored the upside in two-sided trade.
Wheat futures found followthrough buying overnight amid heightened tensions with Russia and deteriorating U.S. winter wheat conditions, while the corn and soybean markets favored the downside in light, two-sided trade.
Individual state crop conditions ratings released on Monday showed further deterioration of the HRW wheat crop during January due to drought in the Plains.
It’s typical for frozen beef stocks to rise during December, though the increase was slightly greater than normal. It’s also normal for pork stocks to decline in December, though the drop was less than average.
Weekly corn, soybean and wheat inspections were all within the range of pre-report estimates.
Wheat futures were supported by increased geopolitical tensions between Russia and Ukraine, while soybeans and corn were pressured by South American weather.