USDA’s Cold Storage Report showed a smaller-than-normal build in frozen pork stocks during January, while beef stocks rose versus a normal small decline during the month.
Grain and energy markets had a big price response overnight to escalating tensions between Russia and Ukraine as U.S. markets reopened following the three-day weekend.
Old-crop soybeans poked above $16 overnight, but key is whether there’s sustained buying above that level – something that hasn’t happened the two previous times.
The 90-day forecast continues to give elevated odds of above-normal temps across HRW areas. Below-normal precip also is likely over all but far eastern areas of the Central and Southern Plains.
