Agriculture News
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.
With all three categories coming in on the bearish side of the average pre-report estimates, the report is price-negative.
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USDA Secretary Tom Vilsack appeared before the House Ag Committee Thursday for nearly four hours.
Wheat and soybeans within expectations
Soybeans, corn and spring wheat pulled back from Thursday’s gains overnight, while winter wheat futures extended yesterday’s losses.
The Rural Mainstreet Index is above growth neutral for the 14th straight month.
Cash corn prices are well above year-ago, but soybeans dropped below last year.
The National Weather Service’s (NWS) 90-day forecast continues to give elevated odds of above-normal temps and below-normal precip across HRW areas of the Southern Plains through April.
Soybean futures built on Wednesday’s strong gains overnight, while the corn and winter wheat markets faced corrective selling.
Corn basis firms, soybean basis slips; both remain above futures.