After slumping significantly on Tuesday, grain prices spent today in recovery mode, attracting some bargain buyers that triggered a round of technical buying for the most part.
The agency’s 8-to-14-day outlook predicts seasonally wet weather will remain in effect for the Midwest and Plains between February 23 and March 1, with seasonally cool conditions developing in the Plains and western Corn Belt.
Investors remain focused on several key issues, including possible interest rate hikes, worrisome inflation and the potential for a Russian invasion of Ukraine.
Is there a way to make future supply chains more resilient? Farm Futures executive editor tackles this critical question and comes up with some interesting insights.
Prior to Thursday morning’s export report from USDA, analysts expect the agency to show soybean sales ranging between 57.0 million and 121.3 million bushels for the week ending February 10.
March Chicago SRW futures slipped 0.75 cents lower to $7.79, March futures dipped half a penny lower to $8.0550, and March MGEX spring wheat futures picked up 1.25 cents to $9.5425.
India could see grain production reach a record-breaking amount this season, rising an expected 1.7% higher than a year ago.
Syria passed on all offers in its tender to purchase 7.3 million bushels of milling wheat that closed earlier this week.