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After the Bell | February 12, 2024

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.

Cash corn and soybean prices continue to slide.

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.

Few changes in short-term trends this 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.

Weekly soybean sales during the week ended Jan. 25 missed the pre-report range by over 330,000 MT, while soymeal sales exceeded expectations. Corn and wheat sales were within pre-report estimates.

Corn, soybeans and wheat kicked off the new month with a round of fresh selling during the overnight session.

Corn and soybean basis remained positive but slightly below average for this time of year.

The underlying data was bullish as the U.S. cattle herd contracted further — and will continue to do so.

Corn, soybeans and wheat pulled back from Tuesday’s strong corrective gains during overnight trade.

A study from Sandro Steinbach and Yasin Yildirim of North Dakota St. Univ. and Xiting Zhuang of the University of Connecticut exams the current challenges in global shipping and their direct impact on U.S. agriculture.

HRW crop ratings improvements over the past month were led by top producer Kansas and Nebraska.

Corn, soybeans and wheat extended Monday’s losses during the overnight session.

Malanga notes the possibility of the Federal Open Market Committee (FOMC) considering a rate cut in March if labor market weakness becomes apparent.

During the week ended Jan. 25, weekly wheat and soybean inspections were down from the previous week, while corn inspections rose 155,000 MT.

Short-term trend turns bullish for lean hog futures.

Corn, soybeans and wheat faced increased selling pressure during overnight price action and are trading near session lows this morning.

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Corn and soybeans faced followthrough selling overnight, while wheat retreated from recent gains.

That would still be the smallest annual increase in overall food prices since they rose 0.9% in 2017.

Weekly soybean sales during the week ended Jan. 18, missed the low-end pre-report estimate by 140,000 MT and were down 28% from the previous week.

Corn, soybeans and wheat held in tight ranges in light overnight price action.

Basis and cash prices firmed for corn and soybeans.

Cash corn and soybean prices rose for the first time in a month.

Corn, soybeans and wheat modestly extended recent corrective gains during the overnight session.

Corn, soybeans and wheat are mildly favoring the upside this morning after trading narrowly on either side of unchanged overnight.

During the week ended Jan. 18, weekly corn and soybean inspections dropped 233,127 MT and 117,068 MT, respectively, while wheat inspections rose 72,112 MT from the previous week's totals.

Short-term trend turns bullish for cotton, remains bearish for corn, soybeans and wheat

Corn, soybeans and wheat traded on both sides of unchanged during the overnight session but are mostly weaker this morning.

All three categories virtually matched the average pre-report estimates.

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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.

Rural Mainstreet Index slips deeper into the red.

Senate Ag Chair Debbie Stabenow crafting crop insurance plan with tough choices for farmers.