Wheat inspections were near the upper end of expectations and last week’s tally was revised 75,091 MT higher versus what was initially reported. Soybean inspections, on the other hand, were even lighter than expected.
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.
Rains for the dry Northern Plains and western Corn Belt are expected to be erratic the next two weeks, with warm temperatures likely to persist. Nevertheless, grain and soy futures are under heavy pressure.
