News
USDA reported weekly export inspections of 1.264 MMT soybeans during the week ended Jan. 11, which rose 224,000 MT from the previous week. Meanwhile, corn and wheat inspections declined on the week.
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Most of the data was bearish compared to pre-report expectations.
USDA pegged total U.S. corn and soybean production at 15.342 billion bu. and 4.165 billion bu., respectively amid a 2.4 bu. and 0.7 bu. bump in the national corn and soybean average yield estimate from November.
Corn, soybeans and wheat trended higher overnight on corrective gains, going into the break near session highs.
Corn, soybeans and wheat traded higher overnight amid light corrective buying ahead of USDA’s January crop reports later this morning and support from rising crude oil tied to increased Middle East tensions.
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Corn and wheat traded narrowly near unchanged most of the night, while soybeans favored the upside, though pared gains into the break.