Agriculture News
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Corn, beans post bullish reaction to USDA’s data.
USDA pegged the final corn yield at 179.3 bu. per acre, down 3.8 bu. from Nov, while the soybean yield was trimmed by 1 bu. per acre to 50.7 bpa. Quarterly corn, soybean stocks were also below expectations, while wheat seedings landed well above.
Corn and soybean sales during the week ended Jan. 2 were each down 40% from the previous week, while wheat sales dipped 21%.
Corn and soybeans extended Thursday’s gains during the overnight session, while wheat futures posted modest corrective gains.
Soybeans and wheat faced followthrough selling overnight, while corn futures pivoted around unchanged in quiet trade.
Corn, soybean and wheat basis remains below average.
Dec. 1 grain stocks have a history of providing market-moving surprises, especially for corn.
Farm Credit Services of America releases January appraisal update