Agriculture News
USDA reported weekly export sales of 1.25 MMT during the weekend ended Jan. 11, exceeding the top end pre-report range by 50,000 MT, while wheat sales exceeded expectations by 200,000 MT.
Corn, soybeans and wheat modestly extended Thursday’s corrective gains during the overnight session.
Corn, soybeans and spring wheat contracts traded higher overnight amid light corrective buying, while the winter wheat markets favored the downside.
Basis turns slightly positive for corn and soybeans as cash prices continue to drop.
Corn and soybeans favored the downside in two-sided trade overnight, while the winter wheat markets posted modest corrective gains.
USDA reported weekly export inspections of 1.264 MMT soybeans during the week ended Jan. 11, which rose 224,000 MT from the previous week. Meanwhile, corn and wheat inspections declined on the week.
Soybeans and wheat posted mild corrective gains overnight, while corn futures extended their price slide.
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Most of the data was bearish compared to pre-report expectations.
USDA pegged total U.S. corn and soybean production at 15.342 billion bu. and 4.165 billion bu., respectively amid a 2.4 bu. and 0.7 bu. bump in the national corn and soybean average yield estimate from November.
Corn, soybeans and wheat traded higher overnight amid light corrective buying ahead of USDA’s January crop reports later this morning and support from rising crude oil tied to increased Middle East tensions.
FNC sees stable farmland values.
Weekly soybean, wheat and soymeal sales fell short of expectations for the week ended Jan. 4, while corn sales were near the low-end of the pre-report range.
Soybeans traded solidly higher overnight, while corn and wheat pivoted around unchanged in light trade.
Basis firmed for soybeans and cash prices dropped.
Corn, soybeans and wheat were unable to build on Tuesday’s corrective gains during overnight trade.
Corn, soybeans and wheat recouped a portion of Monday’s losses during overnight trade.