Agriculture News
Corn modestly favored the downside overnight, while soybeans and wheat failed to sustain early price strength and have weakened this morning.
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The Biden administration will use the GREET model for determining SAF credits, but will update the methodology by March 1.
Corn, soybeans and wheat traded on both sides of unchanged in a quiet overnight session.
Large purchases from China during week ended Dec. 7 boosted wheat sales to 1.5 MMT during the week, a marketing-year high. China’s purchases totaled 1.12 MMT during the week.
Corn and wheat futures posted mild corrective gains throughout the overnight, while soybeans traded on both sides of unchanged.
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.
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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.