Agriculture News
The HRW CCI rating is now 6.0 points under the final mark from last fall. The SRW CCI rating is 15.4 points above the final level ahead of dormancy.
Wheat basis held relatively steady despite the big jump in cash prices.
Frozen beef stocks declined more than average during March, signaling demand remains strong. Pork inventories built contra-seasonally last month.
USDA’s Animal and Plant Health Inspection Service (APHIS) will require testing for the H5N1 virus in dairy cattle crossing state lines. Any detection of the disease must also be reported.
Grain futures mildly pulled back from recent corrective gains during the overnight session.
Wheat futures posted followthrough to Monday’s strong gains overnight, while buying was limited in corn and soybeans.
The HRW CCI rating has declined each of the three weeks this spring, while the SRW rating has improved each week.
Weekly corn inspections for the week ended April 18 exceeded pre-report estimates by 120,000 MT, while soybeans and wheat were within expectations.
Winter wheat markets built on Friday’s corrective gains during overnight trade, while corn, soybeans and spring wheat struggled to find followthrough buying.