News
Mixed trade is expected in the grain and soy markets this morning as traders monitor the U.S./China situation and prepare for USDA’s February crop reports on Wednesday.
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Grain and soy futures traded lower overnight, with late pressure from a surge in the U.S. dollar after the much stronger-than-expected January jobs data. We expect the weaker tone to continue early this morning.
Soybeans extended Thursday’s gains in overnight trade, while the corn and wheat markets faced pressure.
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Our updated monthly and quarterly price forecasts, including the initial look at the third quarter.
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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.