News
No changes to the short-term chart trends this week.
Corn, soybeans and wheat traded lower overnight, with nearby corn and soybeans falling to new contract lows.
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Placements declined from year-ago levels for a third straight month – a trend that will continue.
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Corn and soybeans gave up early corrective gains overnight, though wheat holds onto marginal gains. Weak export sales across the board helped spur selling pressure this morning.
Net soybean sales during the week ended Feb. 15 were down 84% from the previous week, while weekly corn and wheat sales were down 37% and 33%, respectively.
Corn, soybeans and wheat firmed amid corrective buying during the overnight session.
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Wheat showed relative strength overnight while soybeans led weakness, leaving corn caught between the two.
Wheat futures led a round of corrective buying in the grain markets during overnight trade.
Central Illinois cash corn price below $4.00 for first time since October 2020.
Cash hog prices gained strength in the seasonal rebound.
Fed fund futures continued to reflect the greatest odds for a Fed rate cut starting in June, with three or perhaps four reductions by year-end.