News
Weekly corn inspections during the week ended Feb. 15 rose a modest 26,000 MT, while soybean and wheat inspections declined on the week.
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Corn and soybeans saw corrective buying most of the overnight session, though sellers resurfaced into the break. Wheat futures continue to fall under heavy selling pressure.
Corn and soybeans posted corrective gains overnight, while wheat faced followthrough selling.
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Weekly soymeal sales totaled 203,400 MT during the week ended Feb. 8, missing the pre-report range, while corn sales held steady at 1.31 MMT. Wheat and soybean sales were near the low-end of pre-report estimates.
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Selling persisted throughout the grain market overnight as corn, soybeans and wheat continue to trade on recent lows. Persistent impressive sales and falling projected acres did little to boost corn prices.
The extended forecast suggests spring planting should advance rather rapidly and favors early crop development.