Agriculture News
Soybean and soyoil futures faced active followthrough selling overnight, which pulled the rest of the grain and soy markets lower.
Soybean futures extended their corrective gains from the two previous days overnight, which helped support corn. Wheat futures held in a tight range in narrowly mixed trade.
As of Nov. 30, 52% of U.S. winter wheat area was covered by drought conditions, up from 49% the previous week.
Wheat export sales were a marketing-year low. Corn and soybean sales were down sharply from the previous week but each topped 1 MMT.
Grain, soybean futures extended Wednesday’s corrective gains overnight.
U.S. net farm income is forecast to reach $116.8 billion in 2021, up $22.0 billion (23.2%) from 2020 with the 2020 result up $15.7 billion (19.9%) from 2019.
Corn and soybean basis continues the post-harvest rebound
Corn, soybean and wheat futures saw a round of corrective buying overnight after Tuesday’s sharp losses.
First Thing Today: Followthrough pressure overnight amid heightened risk aversion, month-end selling
Grain and soy complex futures were part of a broader selloff overnight.
The HRW CCI rating is 7.8 points below the five-year average, the SRW rating is 13.5 points under the end-of-fall norm.