Agriculture News
Weekly corn export inspections outpaced pre-report expectations by 135,000 MT, while wheat inspections missed by over 100,000 MT.
USDA forecasts net farm income will decline $25.9 billion (15.9%) from last year to $136.9 billion, driven partly by an expected $5.4 billion (34.4%) drop in direct government payments.
Farmer sentiment was up 11 points (9%) from year in January, according to the Purdue University/CME Group Ag Economy Barometer.
Although soybean export inspections were down over 100,00 MT from the previous week, they continue to prove consistent. Wheat inspections topped pre-report expectations, while corn landed just above the low-end estimate.
Short-term trend turns bullish for live cattle and feeder cattle.
Access this week’s newsletter here.
Export sales for week ended Jan. 26 showed corn sales of 1.593 MMT, notably above top-end estimates of 1.2 MMT. Soybean sales were just above low-end estimates of 700,000 MT, while wheat fell short by over 163,000 MT.
The beef cow herd was the smallest since 1962.