Agriculture News
Most short-term, intermediate and long-term trends unchanged.
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USDA showed soybean ending stocks rose 35 million bu. from January, while corn rose 10 million bu,. Meanwhile, 2023-24 global soybean carryover was notably higher than expectations.
During the week ended Feb. 1, USDA showed net soybean sales of 340,800 MT, short of pre-report estimates, while corn and wheat sales held steady week-over-week.
Declining prices for key commodities weighed on agricultural producer sentiment in January.
Weekly soybean inspections during the week ended Feb. 1, rose more than 500,000 MT from the previous week and above the pre-report range. Meanwhile, corn inspections dropped 300,000 MT on the week.
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Our updated monthly and quarterly price forecast, including the first outlook for the third quarter.
Weekly soybean sales during the week ended Jan. 25 missed the pre-report range by over 330,000 MT, while soymeal sales exceeded expectations. Corn and wheat sales were within pre-report estimates.