Agriculture News
New economic projections show a notable shift in tone and outlook to dovish.
Corn, soybeans and wheat all traded solidly to the downside during overnight trade.
Annual Iowa State University survey finds farmland values rose in first half 2023, plateaued by end of year.
Corn and wheat are expected to open higher amid corrective buying, with soybeans likely to face light profit-taking.
Soybean futures built on Monday’s gains during the overnight session, while corn and wheat firmed amid corrective buying.
Corn and soybean inspections during week ended Dec. 7 declined 464,719 MT and 188,847 MT, respectively, while wheat inspections rose nearly 95,000 MT.
Beans are expected open higher, wheat lower and corn near unchanged.
Soybeans traded higher amid corrective buying overnight, while corn and wheat favored the downside.
Access this week’s newsletter here.
USDA cut corn, wheat and cotton ending stocks, while leaving soybean carryover unchanged.
Global carryover for corn and soybeans each surpassed pre-report expectations by 1.8 MMT and 1.5 MMT, respectively, largely neutralizing the lower-than-expected U.S. corn carryover.
Corn, soybeans and wheat held in relatively tight trading ranges overnight ahead of USDA’s December crop reports later this morning.
Corn and soybeans are expected to open lower, with wheat likely to see a mildly varied start (winter wheat markets lower, spring wheat higher) to daytime trade.
Corn sales during week ended Nov. 30 totaled 1.3 MMT, while shipments reached a marketing-year high. Soymeal and soyoil shipments during the week also notched marketing-year highs.
Early seller interest faded overnight, with corn, soybeans and wheat all trading solidly higher early this morning.
SRW wheat basis firmed despite the surge in cash price.