Agriculture News
The figures for Feb. 1 feedlot inventory and January placements and marketings were in line with pre-report expectations.
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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.