Agriculture News
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After the Bell | January 12, 2023 The grain and soy complex gained traction following a batch of mostly bullish data released by the USDA.
USDA estimated 59% of U.S. winter wheat areas were covered by drought, down five points from the previous week and 10 points lower than last year at this time.
Corn, soybeans turn higher on USDA data. Corn and soybean production also fell short of estimates, leaving ending stocks below the average pre-report estimate.
Weekly export sales for week ended Jan. 5 reported corn sales below low-end expectations for the second week straight, while wheat and soybeans each landed within their lower expected ranges.
USDA will release its Annual Production Summary, Supply & Demand Report, Winter Wheat Seedings and Quarterly Grain Stocks Report on Thursday.
Weekly export inspections for week ended Jan. 5 revealed wheat inspections up over 116,001 MT from the previous week’s tally, while corn and soybeans were well below.
Short-term trend turns sideways for corn and SRW; trend now lower for lean hog futures.
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Weekly export sales for week ended Dec. 29 revealed mild wheat sales, missing low-end expectations by nearly 153,000 MT. Corn sales were also shy by 81,000 MT and soybeans landed on the low range.