wheat inspections mildly increased but remain slow.
Corn, soybean and wheat futures are higher to start the week although spring wheat futures are lower on profit taking. Livestock futures are also higher.
Corn, soybean and wheat futures extended their recent rallies overnight as traders returned from the extended Christmas holiday weekend.
USDA estimates there were 11.985 million head of cattle in large feedlots (1,000-plus head) as of Dec. 1, down 51,000 head (0.4%) from both year-ago and the average pre-report estimate.
USDA estimates the U.S. hog herd at 74.201 million head as of Dec. 1, down 3.111 million head (4.0%) from last year.
Grain and soy futures posted light, two-sided trade overnight in thin pre-holiday price action.
Beef stocks rose contra-seasonally in November. Pork stocks declined, as is normal, but not nearly as much as the five-year average.
Soybean futures extended Tuesday’s strong rally overnight, while old-crop corn futures finally topped the $6 level after nearly two months of trying to get above that psychological mark.