Agriculture News
Grain and soy futures pulled back from Monday’s strong gains overnight, with soybeans and soyoil facing the heaviest pressure.
Weekly changes in CCI ratings were led by top producers Kansas (HRW) and Illinois (SRW).
Weekly corn inspections during the week ended May 16 rose more than 200,000 MT from the previous week, while wheat and soybean inspections each fell notably on the week, missing pre-report estimates.
Short-term trend shifts from bullish to neutral for corn.
Wheat futures rebounded from the poor finish last Friday by posting strong gains during the overnight session. Corn and soybeans followed to the upside.
Access this week’s newsletter here.
Grain futures are expected to open with a firmer tone after gains overnight. Key will be whether overnight price strength is maintained during daytime trade.
Soybeans firmed to near their weekly highs overnight, while corn and wheat recouped some of their declines from the three previous days.
RMI registers negative for ninth consecutive month.
During the week ended May 9, weekly pork sales totaled 21,100 MT, a marketing-year low, while soybean sales missed the pre-report range of estimates, falling 38% from the previous week. Weekly corn sales dropped 17%.