Both placements and marketings were near the top end of pre-report estimates.
Outside markets weighed heavily on the grain and soy complex overnight as the U.S. dollar strengthened to a fresh 20-year high and front-month crude oil dropped to near $80.00.
The smaller-than-normal rise in frozen meat stocks came despite hefty monthly increases in beef and pork production, implying demand was strong and outpaced supplies.
Drought conditions expanded and intensified in HRW areas of the Plains over the past week.
Winter wheat markets and corn futures are mildly favoring the downside after two-sided trade overnight, while soybeans and spring wheat are mixed.
Boxed beef, pork cutout prices facing heavy pressure.
Fed appears willing to risk a recession as it tries to tame inflation.
Wheat futures led a round of followthrough buying overnight as tensions between Russia and the West escalated.
Corn futures mildly built on Monday’s gains overnight, while wheat recouped a small portion of yesterday’s losses and soybeans pulled back.
The corn CCI rating has declined 10 straight weeks, while the soybean rating dropped for a seventh consecutive week.

Brian Grete