Agriculture News
Corn, soybeans and wheat recouped some of the losses from earlier this week during the overnight session.
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.
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.
Front-month SRW wheat futures rallied to the highest price since early August during overnight trade, pulling corn and soybeans higher.