Soybeans and wheat pulled back from Wednesday’s gains, while corn was mostly firmer overnight. Trade was quiet as traders await USDA’s May crop reports later this morning.
USDA’s May 12 Supply & Demand Report will be the first official release of balance sheets for 2022-23, along with usage adjustments for the old-crop marketing year.
Corn and soybeans are under pressure with wheat futures supported by crop concerns. Livestock futures are mildly to moderately lower to start the week.
Wheat futures took back some of Thursday’s strong gains overnight. Soybeans and corn more than erased yesterday’s gains, with corn scoring new lows for the week.
