Agriculture News
Weekly corn inspections rose 244,000 MT from the previous week to 1.37 MMT during the week ended May 30, landing above pre-report expectations. Wheat and soybean inspections also rose on the week.
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.
Access this week’s newsletter here.
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.
The underlying data was bullish as the U.S. cattle herd contracted further — and will continue to do so.
HRW crop ratings improvements over the past month were led by top producer Kansas and Nebraska.
Malanga notes the possibility of the Federal Open Market Committee (FOMC) considering a rate cut in March if labor market weakness becomes apparent.