Agriculture News
Corn, soybeans and the winter wheat markets mildly favored the downside overnight.
HRW crop continues modest late-season improvement, while SRW crop is declining ahead of harvest.
Weekly wheat inspections during the week ended May 23 rose 170,704 MT from the previous week, while corn inspections fell nearly 150,000 MT. Meanwhile, soybean inspections rose modestly on the week.
Wheat futures posted strong gains overnight coming off the extended holiday weekend amid ongoing Russian crop concerns. Corn followed to the upside, while soybeans slumped after a firmer start.
The decline in feedlot numbers was the first drop versus year-ago in eight months.
Beef stocks declined less than average during the month, while pork inventories built more than normal.
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Corn, soybeans and wheat held in relatively tight trading ranges during a quiet overnight session.
Soymeal sales during the week ended May 16 landed short of pre-report expectations and were down 52% from the previous week. Meanwhile, corn sales rose 23% from the previous week.
Grain markets posted two-sided price action in relatively quiet overnight trade.