News
It’s typical for frozen beef stocks to rise during December, though the increase was slightly greater than normal. It’s also normal for pork stocks to decline in December, though the drop was less than average.
With all three categories coming in on the bearish side of the average pre-report estimates, the report is price-negative.
Access this week’s newsletter here.
USDA Secretary Tom Vilsack appeared before the House Ag Committee Thursday for nearly four hours.
Soybean futures expected lower in correction from rally to seven-month highs, corn and wheat also lower.
Wheat and soybeans within expectations
Canada food prices, availability already being impacted by Covid vaccine mandate
Soybeans, corn and spring wheat pulled back from Thursday’s gains overnight, while winter wheat futures extended yesterday’s losses.
The Rural Mainstreet Index is above growth neutral for the 14th straight month.
Soybean futures surge to highest levels since mid-June, corn slightly lower, winter wheat down in corrective setback.
Cash corn prices are well above year-ago, but soybeans dropped below last year.