Agriculture News
USDA left U.S. old-crop corn ending stocks unchanged, whereas traders expected a cut. Global corn ending stocks also unexpectedly increased.
February beef exports were the second most ever for the month. Pork exports plunged amid sharply reduced shipments to China.
CRP enrollment acres down a net 1.4 million acres
Winter wheat futures led strong followthrough buying in the grain and soy markets overnight amid lower-than-expected U.S. crop ratings and global supply concerns.
Both the HRW and SRW CCI ratings are well below normal to start spring, with the HRW the lowest since 2011.
Corn, soybean and wheat futures rebounded from last week’s losses in overnight.
Soybeans, wheat and hogs all posted poor technical performances this week.
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Wheat futures traded sharply higher overnight, while soybeans were slightly lower and corn was mixed. Similar trade is expected on the open this morning. Cattle and hogs are called weaker amid followthrough selling.