With all three categories coming in on the bearish side of the average pre-report estimates, the report is price-negative.
Wheat futures extended their sharp price drop overnight, while corn and soybeans also declined.
Slight deterioration in HRW, improvement in SRW
Corn, wheat and soybean export sales below expectations
Soybean futures are posting double-digit losses this morning but are off their overnight lows.
Cash livestock/meat prices start 2022 well above year-ago.
Farmers National Company reports farmland values surged in the last half of 2020.
Wheat futures erased most or all of Tuesday’s gains overnight, while corn and soybeans mildly favored the downside.
Too much heat and dryness across southern Brazil and northeastern Argentina, along with too much rain in some areas of central and northeastern Brazil continues to curb South American crop production prospects.