Agriculture News
Placements declined from year-ago levels for a third straight month – a trend that will continue.
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Net soybean sales during the week ended Feb. 15 were down 84% from the previous week, while weekly corn and wheat sales were down 37% and 33%, respectively.
Corn, soybeans and wheat firmed amid corrective buying during the overnight session.
Wheat futures led a round of corrective buying in the grain markets during overnight trade.
Central Illinois cash corn price below $4.00 for first time since October 2020.
Cash hog prices gained strength in the seasonal rebound.
Fed fund futures continued to reflect the greatest odds for a Fed rate cut starting in June, with three or perhaps four reductions by year-end.
Tuesday’s corrective buying in the grain and soy markets dried up overnight, as corn, soybeans and wheat faced price pressure.
Weekly corn inspections during the week ended Feb. 15 rose a modest 26,000 MT, while soybean and wheat inspections declined on the week.
No changes to short-term trends for grain and livestock markets.
Soybeans built on last Friday’s gains during overnight trade, while corn and wheat followed to the upside amid corrective buying.
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Corn and soybeans posted corrective gains overnight, while wheat faced followthrough selling.
Monthly survey of rural bankers finds growing pessimism.
Weekly soymeal sales totaled 203,400 MT during the week ended Feb. 8, missing the pre-report range, while corn sales held steady at 1.31 MMT. Wheat and soybean sales were near the low-end of pre-report estimates.
The extended forecast suggests spring planting should advance rather rapidly and favors early crop development.
The initial projections are based on the January WASDE Report. These are USDA’s current best guesstimates. A lot can (and will) change.
Corn, soybeans and wheat extended Wednesday’s losses during the overnight session.
Cash grain prices continue to fall; sharply below year-ago.