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Soybean sales continue to decline seasonally, falling short of analysts pre-report range for the week ended Feb. 6. Meanwhile corn and wheat sales each rose from the previous week and four-week average.
Grain markets held in tight price ranges overnight, with corn and soybeans trading lower and on session lows early this morning while wheat is firmer.
Corn and soybean basis remains below average.
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Soybeans favored the downside overnight while corn and wheat saw action on either side of unchanged, though saw increased selling pressure into the break.
Wheat futures have adopted a mildly firmer tone early this morning after two-sided trade overnight, while soybeans have weakened. Corn is chopping around unchanged.
USDA made no changes to corn and soybean ending stocks, whereas analysts expected small cuts.
Analysts expected modest declines in 2024-25 ending stocks for corn and soybeans, though USDA kept the estimates unchanged from last month. Global corn, soybean and wheat ending stocks were each below their average pre-report estimate.
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Corn, soybeans and wheat each traded in tight ranges overnight on light volume ahead of today’s USDA reports.
Corn, soybeans and wheat mildly favored the upside in a quiet overnight session ahead of USDA’s crop reports later this morning.
During the week ended Feb. 6, weekly wheat inspections rose 283,000 MT from the previous week. Meanwhile, corn and soybean inspections were both near the upper end of pre-report expectations.
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Corn, soybeans and wheat each opened lower overnight but have since bounced to near unchanged.