Boxed beef, pork cutout values rolling over.
Corn, soybean and spring wheat CCI ratings are all below their respective five-year averages for this point in the growing season.
Grain and soy futures are under hefty pressure on improved rain chances in the coming weeks. Feeder cattle futures are sharply higher with fat cattle near unchanged. Lean hog futures are under pressure.
USDA will update its old- and new-crop balance sheets, along with global production and provide the second estimate of the U.S. winter wheat crop.
Grain and soy futures supported by weather, lower-than-expected crop condition ratings.
Grain markets were supported overnight by crop condition ratings and hot, dry forecasts for northern and western production areas.
Spring wheat crop conditions are deteriorating amid drought in the Northern Plains and PNW.
The corn CCI rating is still a little above average, despite the weekly decline.
Corn export inspections declined 691,290 MT from the previous week’s upwardly revised tally.
Grain and soybean futures gapped higher overnight, lean hog futures are posting fresh highs as live and feeder cattle futures soften.

Brian Grete