Agriculture News
USDA will update its 2021-22 U.S. demand forecasts in the Feb. 9 Supply & Demand Report, though a bigger focus will be changes to the South American crop forecasts.
Short-term trend turns up for live cattle and feeder cattle.
Soybeans rallied sharply overnight, scoring new contract highs, amid South American weather concerns. Corn and wheat followed soybeans higher.
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There was broad, though relatively mild, price strength overnight across grain and soy futures amid support from outside markets.
Our updated monthly and quarterly price forecasts, including the first projections for the third quarter.
Soybeans were pressured by profit-taking and corrective selling overnight, while the corn and wheat markets faced followthrough selling to Wednesday’s losses.
Soybean basis slipped only a penny as the cash price surged over $1 during the past week.