Soybeans Lead Early-January Ag Rally on China Sale as Corn Firms and Wheat Rebounds

Fresh USDA and EIA data point to improving near-term demand signals, highlighted by a confirmed U.S. soybean purchase by China.

Overview

USDA confirmed a private sale of 336,000 metric tons of U.S. soybeans to China, with nearby soybean futures up roughly a dozen cents by Wednesday midday.
Corn edged higher after EIA reported ethanol production eased to 1.098 million barrels per day in the week ending Jan. 2 as inventories rose to 22.652 million barrels.
USDA export inspections showed corn shipments at 1.207 million metric tons for the week ending Jan. 1, with marketing-year exports running well ahead of last year.
Wheat rallied Wednesday by 8–11 cents across Chicago and Kansas City contracts after recent mixed trade, as China noted steady acreage but weak planting conditions in some areas.
After a strong start to the week, live cattle futures fell more than $2 at midday Wednesday with southern bids near $232, while cotton and lean hogs held recent gains on post-holiday buying.