Soy complex futures are under hefty pressure with corn lower and wheat futures mixed. Cattle futures gapped lower on the open as lean hog futures face moderate to heavy pressure...
USDA’s Cattle on Feed Report is bearish, as the April 1 feedlot inventory and March placements both topped the highest pre-report estimates.
USDA’s Cold Storage Report showed increases in both beef and pork stocks at the end of March, whereas both typically decline during the month.
Above-normal temps and below-normal precip are expected over much of the Plains and western Corn Belt through July. The eastern Corn Belt has elevated chances of above-normal precip.
Wheat futures extended Wednesday’s losses overnight. Corn and soybeans posted two-sided trade, with corn weaker and soybeans firmer early this morning.
Corn and soybean basis each dropped over the past week, but the respective cash prices surged.
Corn futures faced light followthrough selling in overnight trade, while soybeans firmed. Wheat futures are mixed to mostly firmer this morning.
Overnight price action in the grain and soy markets was quiet and choppy.
The winter wheat CCI ratings are below the five-year averages, especially the HRW crop.
Corn posts new contract highs overnight as soybeans and wheat firm sharply. Cattle and hog futures are also higher to start the week.

Brian Grete