Corn, soybeans and wheat posted mild corrective gains overnight amid light short-covering ahead of USDA’s reports later this morning.
June 1 hog herd expanded 1.3% from year-ago, with the market hog inventory up 1.7%.
Soybeans and wheat are expected to open firmer, corn mixed.
While the acreage estimates will draw a lot of attention, quarterly stocks data has a history of producing major surprises, especially for corn.
Corn, soybeans and wheat held in tight ranges during the overnight session that saw two-sided trade.
Cash cattle prices surge to a record high last week.
Soybeans led a round of corrective gains in grain and soy futures during the overnight session.
Frozen meat stocks data suggests demand didn’t keep pace with supplies during May.
Corn, soybeans and wheat traded higher at points overnight but have adopted a mostly weaker tone this morning.
Corn, Soybeans and wheat futures open the week under pressure. Livestock futures are mostly lower...

Brian Grete