Grain and soy futures are expected to open firmer on corrective buying, though it has been a struggle to find sustained buying during daytime trade on bounce attempts this week.
Weekly export sales for week ended Dec. 29 revealed mild wheat sales, missing low-end expectations by nearly 153,000 MT. Corn sales were also shy by 81,000 MT and soybeans landed on the low range.
As of Jan. 3, 70% of the U.S. was covered by abnormal dryness/drought, down four percentage points from the previous week and 15 points below the peak in early November.
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After the Bell | January 3, 2023
A stronger U.S. dollar index, weaker crude and much-needed weekend rains in Argentina sent a general risk-off tone across grains and livestock to begin 2023.
Corn, wheat and soybean export inspections for week ended Dec. 29 fell notably below the previous week. Wheat and soybeans fell below expectations, while corn landed just above low range.
Corn and soybean futures are mixed with wheat under pressure to start the week. Fat cattle futures are mildly higher with feeders and lean hogs under light pressure.
Grains are expected to open mixed following the extended holiday weekend as traders sort out South American weather, outside markets and China's surging Covid cases.
Grain and livestock markets will reopen at 8:30 a.m. CT following the extended holiday weekend. Outside markets were price-negative, with crude oil weaker and the U.S. dollar sharply higher overnight.
Soybean futures continued their price surge overnight with front-month futures reaching their highest level on the continuation chart since Sept. 13. Corn and wheat traded in narrow ranges on either side of unchanged.
Soybeans built on Tuesday’s gains overnight but failed to get near yesterday’s highs. Corn and wheat futures held in tight trading ranges in thin trade.
Corn export inspections for week ended Dec. 22 were up on the week and short of the high end of expectations, while soybeans landed on the upper end of trade expectations, but trailed the previous week by 210,237 MT.