Agriculture News
Corn, soybeans and wheat built on Thursday’s gains during the overnight session and are trading near their session highs early this morning.
The spread of highly pathogenic avian influenza has led to significant losses in chicken flocks and caused an egg supply shortage.
Cash prices remain well above year-ago for corn, far below for soybeans.
Soybean sales continue to decline seasonally, falling short of analysts pre-report range for the week ended Feb. 6. Meanwhile corn and wheat sales each rose from the previous week and four-week average.
Grain markets held in tight price ranges overnight, with corn and soybeans trading lower and on session lows early this morning while wheat is firmer.
Corn and soybean basis remains below average.
Wheat futures have adopted a mildly firmer tone early this morning after two-sided trade overnight, while soybeans have weakened. Corn is chopping around unchanged.
USDA made no changes to corn and soybean ending stocks, whereas analysts expected small cuts.
Analysts expected modest declines in 2024-25 ending stocks for corn and soybeans, though USDA kept the estimates unchanged from last month. Global corn, soybean and wheat ending stocks were each below their average pre-report estimate.
Corn, soybeans and wheat mildly favored the upside in a quiet overnight session ahead of USDA’s crop reports later this morning.
During the week ended Feb. 6, weekly wheat inspections rose 283,000 MT from the previous week. Meanwhile, corn and soybean inspections were both near the upper end of pre-report expectations.
Corn, soybeans and wheat are off to a higher start this morning. Cattle futures are narrowly mixed with lean hogs under pressure...
Corn, soybeans and wheat faced light price pressure overnight amid escalating trade tensions.
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Corn, soybeans and wheat have turned mostly weaker early this morning after trading higher at points earlier in the overnight session.
Corn sales during the week ended Jan. 30 totaled 1.48 MMT, rising 9% from the previous week and 32% from the four-week average.
Corn, soybeans and wheat traded on both sides of unchanged overnight but are mildly firmer early this morning.
Corn basis inched up as the average cash price slipped.