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Soybeans led the overnight price rebound from Tuesday’s losses.
Profit-taking and a surging U.S. dollar weigh on grain, soybean futures, hog futures jump near two-week high.
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Corn, soybeans and wheat futures slip overnight on profit-taking pressure, soymeal extends gains.
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Nearby soymeal futures are mildly firmer this morning but failed to push above Monday’s highs overnight.
Soymeal futures surge to four-month high, lifting soybeans, winter wheat extends rally to multi-year highs.
Federal Reserve Bank of Chicago notes strong farm incomes have translated into an 18% jump in farmland values.
The HRW CCI rating is still 9.0 points below the five-year average for mid-November, while the SRW rating is 4.9 points above average.
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Soybean inspections were still in the middle of pre-report expectations at more than 2 MMT, while corn and wheat shipments topped expectations.
The Bipartisan Infrastructure Framework is scheduled to be signed by President Biden this afternoon. The Build Back Better plan has a way to go, but the White House hopes to have it approved as late as this weekend.
SRW wheat futures extend rally to nine-year highs on tighter global supply outlook, corn and soybeans also higher.
SRW wheat futures trade near nine-year highs to start week, corn, soybeans slightly lower.
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Soybeans are mildly higher with corn futures lower and wheat futures mixed to start the week. Livestock futures are under slight pressure.
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Recent price strength has also turn the short-term trend up for soybean meal and intermediate trend sideways.
The strength in soymeal failed to trigger overnight buying in soybean or corn futures.
Focus on CBO scoring and Sen. Manchin re: fate of Build Back Better package