Agriculture News
Fed Chair Jerome Powell left the door open for more rate hikes if needed, but noted ‘risk are now more two-side.’
Individual state crop conditions ratings showed further deterioration of the HRW wheat crop during January.
Weekly export inspections for week ended Jan. 26, showed corn inspections 200,860 MT below the previous week, missing low-end estimates by over 70,000 MT. Wheat and soybean export inspections were each notable.
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USDA’s weekly export data for week ended Jan. 19 showed wheat sales up 6% from the previous week and 84% from the prior four-week average. Net soybean sales were up 53% from the four-week average, while corn was up 46%.
Beef stocks rose more than average during December, while pork stocks increased versus the normal small drawdown in inventories during the month.
USDA’s food price outlook data and forecasting methodology were revised this month.
USDA’s weekly export inspections data for week ended Jan. 19 showed corn and wheat inspections toward their lower expected ranges, while soybeans landed near top-end expectations of 1.955 MMT.