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Corn, soybeans and wheat futures are off to a higher start to the week. Cattle futures are mostly lower as lean hog futures firm...
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Corn, beans post bullish reaction to USDA’s data.
USDA pegged the final corn yield at 179.3 bu. per acre, down 3.8 bu. from Nov, while the soybean yield was trimmed by 1 bu. per acre to 50.7 bpa. Quarterly corn, soybean stocks were also below expectations, while wheat seedings landed well above.
Corn and soybean sales during the week ended Jan. 2 were each down 40% from the previous week, while wheat sales dipped 21%.
Positioning drove trade in the overnight session with soybeans showing modest strength and wheat leading weakness.
Corn and soybeans extended Thursday’s gains during the overnight session, while wheat futures posted modest corrective gains.
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Soybeans led weakness overnight while corn showed modest strength. Wheat was caught in the middle.