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.
Private analytics firm IHS Markit trimmed its 2021 U.S. corn planted acreage estimate by 310,000, dropping it to 96.54 million acres, which is still above most private forecasts.
