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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.
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Corn and soybeans saw action on both sides of unchanged overnight while wheat futures favored the upside. Each fell from overnight highs following this morning’s non-farm payrolls report released from the BLS.
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.
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Corn, soybeans and wheat started off the new month with a fresh round of selling in the overnight session.
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.