Agriculture News
For the week ended Feb., USDA showed corn and wheat inspections up 230,000 MT and 112,000 from the previous week, while soybean inspections fell 420,000 MT after a 320,000 MT upward revision to last week’s figure.
Most short-term, intermediate and long-term trends unchanged.
Corn and soybean futures firmed amid mild corrective buying overnight, while wheat traded lower.
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Corn faced followthrough selling overnight, while soybeans more than erased Thursday’s gains and the wheat market was mixed.
USDA unexpectedly increased corn ending stock and raised soybean carryover more than anticipated.
USDA showed soybean ending stocks rose 35 million bu. from January, while corn rose 10 million bu,. Meanwhile, 2023-24 global soybean carryover was notably higher than expectations.
Corn and wheat traded lower overnight, while soybeans firmed a little in quiet price action ahead of USDA’s February crop reports later this morning.
Basis turned slightly negative for corn and soybeans despite a big drop in cash prices.
Corn futures fell to contract lows overnight, while soybeans posted double-digit losses and wheat followed to the downside.
Declining prices for key commodities weighed on agricultural producer sentiment in January.
Corn, soybeans and wheat traded in narrow ranges in two-sided price action overnight but have adopted a mostly firmer tone this morning.
Weekly soybean inspections during the week ended Feb. 1, rose more than 500,000 MT from the previous week and above the pre-report range. Meanwhile, corn inspections dropped 300,000 MT on the week.
Soybeans posted light two-sided trade overnight, while the corn and wheat markets weakened.
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Corn, soybeans and wheat faced light selling pressure early in the overnight session but have firmed this morning with wheat leading the move higher.
Our updated monthly and quarterly price forecast, including the first outlook for the third quarter.