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Corn also traded higher after the reports, while wheat struggled to find buyers.
While old- and new-crop ending stocks were both well below pre-report expectations, wheat production landed well above analysts’ estimates.
Weekly corn inspections during the week ended May 8 declined 392,000 MT from the previous week, while soybean inspections rose on the week.
Supportive trade news comes ahead of USDA’s May crop reports later this morning
Soybean futures are sharply higher with corn mildly higher and wheat mixed. Cattle futures are poised to challenge highs, and lean hog futures are moderately to sharply higher to start the week...