Agriculture News
Weekly corn sales in week ended Nov. 9 totaled 1.8 MMT, topping expectations by over 250,000 MT, while soybean sales totaled 3.9 MMT.
Most of the decline in wheat conditions in February was in top producer Kansas.
Soybean export inspections for week ended Feb. 23 missed low-end expectations by 159,000 MT and were down from the previous week by 893,000 MT. Though wheat inspections were above top end estimates by over 90,000 MT.
Short-term trend turns bearish for corn, SRW wheat.
The data is mildly friendly compared to pre-report expectations, with all three categories on the bullish side of the average trade estimates.
Beef stocks declined contra-seasonally in January, implying demand was strong, especially since beef production rose in December.
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Wheat sales for week ended Feb. 16 were 338,800 MT, a 62% increase from the previous week nearly 40% above the 4-week average. Corn sales were 30% below the 4-week average, with soybeans nearly 20% below.
At the annual Ag Outlook Forum, USDA issued its first projections for the 2023-24 marketing year, based on the January WASDE Report.
USDA reported soybean export inspections of 1.578 MMT for week ended Feb. 16, with inspections outpacing year-ago by 3.5%. Corn, soybeans and wheat inspections were each within their expected ranges.
Survey finds 9% annual boost in farmland values but weaker values when compared to the prior quarter.