Agriculture News
The first trading session of the new year started with a bang as soy futures led overnight gains in the grain and soy complex.
Soybean basis slipped again, but remains well above the three-year average.
March soybean futures reached the highest level overnight since mid-July, as the strong rally was extended.
wheat inspections mildly increased but remain slow.
Corn, soybean and wheat futures extended their recent rallies overnight as traders returned from the extended Christmas holiday weekend.
USDA estimates the U.S. hog herd at 74.201 million head as of Dec. 1, down 3.111 million head (4.0%) from last year.
USDA estimates there were 11.985 million head of cattle in large feedlots (1,000-plus head) as of Dec. 1, down 51,000 head (0.4%) from both year-ago and the average pre-report estimate.
U.S. Drought Monitor shows 58% of the U.S. winter wheat crop area is covered by drought conditions as of Dec. 21.
Beef stocks rose contra-seasonally in November. Pork stocks declined, as is normal, but not nearly as much as the five-year average.
Soymeal and soyoil export sales came in above expectations.