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Corn, soybeans and wheat are expected to open higher. Weekly sales were strong for corn, at the lower end of expectations for soybeans and poor for wheat.
Farm bill developments | U.S./Mexico corn trade issue | India rice and wheat subsidies
Export sales for week ended Jan. 26 showed corn sales of 1.593 MMT, notably above top-end estimates of 1.2 MMT. Soybean sales were just above low-end estimates of 700,000 MT, while wheat fell short by over 163,000 MT.
Soy complex futures traded higher overnight, while wheat favored the upside and corn faded to a mixed tone this morning.
Basis firmed for both corn and soybeans even as cash prices rose.
Argy crop prospects continue to erode, traders expect 25 basis point increase from Fed and the U.S. cattle herd and calf crop at an eight-year low...
Biden meets McCarthy | FDA plan on food policy & regulation | Canada dairy | Over $600 cash rent
Mixed, two-sided price action is likely in grain and soy futures to kick off the new month.
Soybeans modestly built on Tuesday’s gains overnight, while corn extended yesterday’s losses and wheat pulled back in overnight trade.