Agriculture News
Weekly soybean sales during the week ended May 23 rose 18% from the previous week, though exports for the week slipped to a marketing-year low of 208,400 MT.
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.
Access this week’s newsletter here.
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.
Basis firmed for soybeans despite a sharp rise in the cash price.
Markets signal reduced odds of more than one rate cut this year following the release of minutes from latest monetary policy meeting.