Agriculture News
Placements dropped 3.3% from year-ago and fell below the bottom end of pre-report expectations.
Beef stocks rose less than normal, while pork inventories increased more than average.
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Corn sales during the week ended Jan. 16 rose 62% from the previous week, while soybean sales were more than double. Meanwhile, wheat sales slid 68%, missing pre-report expectations.
Corn, soybeans and wheat faced price pressure overnight in reaction to Argentina cutting grain and soy export taxes through midyear.
Cash corn prices above year-ago, soybean prices still below last year at this time.
Corn, soybeans and wheat mildly favored the downside overnight, but selling was limited and markets are trading high-range early this morning.
Corn and soybean basis weakens as cash prices rise.
Corn and soybeans pulled back from strong gains the two previous days during overnight trade, while wheat pivoted around unchanged in choppy trade.