Corn and soybean futures were supported by followthrough buying overnight amid forecasts calling for hot and dry conditions next week, while wheat rebounded from Wednesday’s losses.
Corn and soybean CCI ratings are below their respective five-year averages, while the spring wheat rating is still well above its average for the date.
Grain futures are sharply higher to start the week. Cattle futures are under light pressure with lean hog futures under pressure despite gains in the cash market...
Grain and soy futures firmed overnight amid concerns about the deal to restart Ukraine’s grain exports and forecasts calling for a return of heat and dryness after some temporary relief.
USDA’s Cattle Inventory Report showed the U.S. cattle herd contracted 2.0% as of July 1. The Cattle on Feed Report showed the July 1 feedlot inventory up 0.4% from year-ago.
While record June beef stocks could imply sluggish demand, it may also be related to facilities building inventories due to ongoing strong exports. Pork stocks declined less than average last month.
