Agriculture News
USDA’s Cattle Inventory Report at 2 p.m. CT is expected to show the U.S. cattle herd as of Jan. 1 contracted 1.2% from year-ago.
Wheat futures found followthrough buying overnight amid heightened tensions with Russia and deteriorating U.S. winter wheat conditions, while the corn and soybean markets favored the downside in light, two-sided trade.
Individual state crop conditions ratings released on Monday showed further deterioration of the HRW wheat crop during January due to drought in the Plains.
It’s typical for frozen beef stocks to rise during December, though the increase was slightly greater than normal. It’s also normal for pork stocks to decline in December, though the drop was less than average.
Weekly corn, soybean and wheat inspections were all within the range of pre-report estimates.
Wheat futures were supported by increased geopolitical tensions between Russia and Ukraine, while soybeans and corn were pressured by South American weather.
With all three categories coming in on the bearish side of the average pre-report estimates, the report is price-negative.
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USDA Secretary Tom Vilsack appeared before the House Ag Committee Thursday for nearly four hours.
Wheat and soybeans within expectations