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Soybeans and soymeal will start daytime trade sharply higher on support from Argentine crop concerns.
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Soybean and soymeal futures traded sharply higher coming out of the extended holiday weekend on Argentine crop concerns, while corn and wheat followed to the upside.
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Two-sided directionless trade is expected in the grain and soy markets to start daytime trade, though outside markets are price-negative.
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Corn, soybeans and wheat traded in relatively narrow ranges during two-sided overnight price action.
Creighton University’s Monthly Index notes declines in economic indicators.
After the Bell | February 16, 2023
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Areas expected to see both above-normal temps and below-normal precip have been reduced from previous forecasts.
Net corn sales for week ended Feb. 9 were down 12% from the previous week, but up 15% from the prior 4-week average, while Wheat and soybean sales were down 32% and 35% from their respective 4-week averages.
Corn and soybeans are expected to open mildly weaker, while wheat is likely to see a mixed tone.
Debt-related budget cuts ahead for farm programs, other entitlements, but timeline unclear
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