With all three categories coming in on the bearish side of the average pre-report estimates, the report is price-negative.
Cash soymeal prices continue to rise.
Dry conditions worsen in HRW, improve in SRW
Soybeans, wheat and soymeal within expectations
Soybean futures pulled back from Wednesday’s gains overnight, while corn and wheat faced followthrough selling.
Boxed beef prices strengthened over the past week, while the cash cattle price weakened.
The wheat market had the biggest reaction to the data as winter wheat seedings topped expectations, while U.S. and global wheat ending stocks increased from last month.
Increases U.S. corn, soybean and wheat carryout
Corn, soybeans and wheat held in tight trading ranges overnight as traders await USDA’s January crop reports later this morning.