USDA’s Animal and Plant Health Inspection Service (APHIS) will require testing for the H5N1 virus in dairy cattle crossing state lines. Any detection of the disease must also be reported.
Winter wheat markets built on Friday’s corrective gains during overnight trade, while corn, soybeans and spring wheat struggled to find followthrough buying.
Weekly corn sales for the week ended April 11 rose 54% from the previous week, but still down 45% from the four-week average. Soybean sales were up 59% from the previous week and 62% from the four-week average.
Wheat inspections for the week ended April 11 were up 34,000 MT from the previous week and above the expected pre-report range. Corn and soybean inspections were each lower on the week, but within expectations.
After weaker trade early in the overnight session, modest corrective buying gradually built in corn and soybeans, while wheat is narrowly mixed this morning.
USDA showed slightly larger-than-expected U.S. carryover for corn, soybeans and wheat, while global corn and soybean carryover also topped average pre-report estimates. Global wheat carryover was lower.
Weekly corn sales during the week ended April 4 dropped sharply missing pre-report expectations by a notable 425,000 MT. Meanwhile, soybean and wheat sales were within their respective pre-report range.
Corn inspections during the week ended April 4 were down 51,859 MT from the previous week but topped pre-report expectations. Wheat and soybean inspections also fell from the previous week but were as expected.
Corn and soybeans are expected to open under light pressure. Wheat is expected to be mixed, with SRW lower, while HRW and HRS futures are likely to open with a firmer tone.