Soybeans Rally as Corn, Cotton and Cattle Firm on Midweek Data
Fresh export bookings, tighter meat inventories, ethanol signals drove sharp midweek adjustments across farm markets.
Overview
- Soybean futures rose 7 to 10 cents on Wednesday with the national cash price near $9.99, while ANEC cut Brazil’s January export estimate to 3.23 MMT, still above last year’s pace.
- Corn gained 3 to 4 1/4 cents after EIA reported ethanol output at 1.114 million bpd, down 5,000 bpd, with a 339,000‑barrel stocks draw, and USDA confirmed a 110,000 MT sale to unknown buyers.
- Traders are watching Thursday’s export sales after mid‑January saw a 4.01 MMT weekly corn booking, the largest since March 2021, reinforcing the recent demand surge.
- Cotton extended its rebound with 45 to 50 points of Wednesday strength after Tuesday’s 71 to 86 point bounce, as ICE certified stocks fell to 8,595 bales.
- Livestock stayed firm with live cattle up 70 to 95 cents and feeders up $1.10 to $2.50, while hogs added Tuesday gains as cash prices rose even as the pork cutout eased and December pork stocks remained the lowest for that month since 1997.