Agriculture News
Corn, wheat and soybeans export sales above expectations
Wheat and corn futures retreated from yesterday’s strong gains, while soybeans saw followthrough selling overnight after a weak finish Thursday.
Corn and wheat futures are trading limit up in most contracts, while soybeans are sharply higher in reaction to Russia’s invasion of Ukraine. Front-month U.S. crude oil futures are nearly $7 higher.
Corn, soybean and wheat basis held or firmed over the past week despite surging futures prices.
Individual state crop condition ratings showed further deterioration of the HRW wheat crop during February.
Soybean futures posted contract highs overnight, while the wheat and corn markets faced light profit-taking after Tuesday’s rallies.
USDA’s Cold Storage Report showed a smaller-than-normal build in frozen pork stocks during January, while beef stocks rose versus a normal small decline during the month.
Wheat above expectations, corn and beans within expectations