Agriculture News
Conditions in southern Brazil are worse than expected and there may be additional yield losses due to drought.
Kansas, Texas and Oklahoma reduced abnormally dry/drought areas
Wheat exports sales below trade expectations
Soybean futures continued their strong rally, with most old-crop contracts surging above $16 overnight. Corn and wheat followed soybeans higher.
Corn and soybean basis slipped, but cash prices surged.
Projected 2021-22 ending stocks for corn, soybeans, wheat and cotton all came in higher than the average pre-report estimates.
U.S. ending stocks down for beans, steady for corn, up for wheat and cotton
Old-crop soybean futures recouped Tuesday’s corrective losses overnight, while new-crop November futures pushed to a new contract high.
As of Dec. 31, Statistics Canada (StatsCan) estimated Canadian stocks of wheat, canola, barley, oats and soybeans were all well below year-ago levels.
Grain and soybean futures pulled back from Monday’s gains in corrective trade overnight on profit-taking and pressure from outside markets.
All three within trade expectations.