Grain and soy markets gapped higher overnight but fell from overnight highs at the open of the day session. Cattle futures are lower with feeders leading losses as lean hogs firm slightly...
USDA will update balance sheets to reflect June 1 stocks and its new-crop planted acreage estimates. USDA will also release its first all-wheat production estimate.
Followthrough from strong overnight gains in grain/soy futures. Cattle and hogs also expected to open higher. Outside markets could curb buying in grain/livestock markets.
Corn, soybean and wheat futures gapped sharply higher at the start of overnight trade. While prices remain sharply higher, futures are trading low range this morning.
Corn and wheat futures built on Thursday’s strong corrective gains during overnight trade. Soybeans traded higher initially but failed to sustain the firmer tone.
USDA estimates the drought footprint at 29% for corn (up six points from last week), 22% for soybeans (up seven points), 19% for spring wheat (unchanged) and 68% for cotton (up seven points).
