Agriculture News
The Seasonal Drought Outlook calls for drought to develop or persist over the bulk of HRW wheat areas, while most of the Corn Belt will be drought-free.
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Kansas City Fed Bank Reports Decline in Ag Land Sales Volume
Chicago Fed Bank Reports 1% Yearly Decline
Corn, soybeans and wheat built on Thursday’s gains during the overnight session and are trading near their session highs early this morning.
The spread of highly pathogenic avian influenza has led to significant losses in chicken flocks and caused an egg supply shortage.
Cash prices remain well above year-ago for corn, far below for soybeans.
Soybean sales continue to decline seasonally, falling short of analysts pre-report range for the week ended Feb. 6. Meanwhile corn and wheat sales each rose from the previous week and four-week average.
Grain markets held in tight price ranges overnight, with corn and soybeans trading lower and on session lows early this morning while wheat is firmer.
Corn and soybean basis remains below average.
Wheat futures have adopted a mildly firmer tone early this morning after two-sided trade overnight, while soybeans have weakened. Corn is chopping around unchanged.