Agriculture News
Weekly soybean, wheat and soymeal sales fell short of expectations for the week ended Jan. 4, while corn sales were near the low-end of the pre-report range.
USDA raised its 2023 beef production forecast based on “recent slaughter data and larger-than-previously forecast first-half placements.”
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USDA’s May crop data was mostly bearish, though wheat production and ending stock estimates were notably shy of pre-report estimates, giving the wheat complex momentum to climb higher.
The Federal Reserve Bank of Kansas City reports a 10% annual boost in farmland values.
Quarterly Federal Reserve Bank survey finds continuing gains in farmland prices, favorable credit conditions.
Weekly soybean and wheat export sales each missed their respective pre-report range, while corn sales were mid-range. Net soymeal (277,800 MT) and cotton (246,800 RB) sales were each the bright spots for the week.
USDA will update its old-crop ending stocks, release its first 2023-24 balance sheets and issue its initial winter wheat crop estimate.
Updated crop estimates from Dr. Michael Cordonnier.
Top producer Kansas led the HRW decline, falling nearly 3.6 points over the past week.
Weekly corn inspections fall short of pre-report estimates, while corn and wheat inspections land near the lower-end of their respective ranges.