Agriculture News
Grain and soy futures are expected to open solidly higher on followthrough from overnight price strength.
Weekly corn inspections during the week ended April 25 were down 435,000 MT from the previous week, which was revised 38,000 MT higher. Corn, wheat and soybean inspections were all within pre-report estimates.
Short-term trend turns bullish for wheat, soymeal and cattle futures.
Soybeans strengthened overnight, along with soymeal and soyoil, while corn traded in a tight range around unchanged and wheat was widely mixed.
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Corn, soybeans and wheat traded in narrow ranges during a quiet overnight session.
Weekly corn sales for the week ended April 18 topped pre-report expectations by a notable margin, while soybean sales missed the pre-report range.
Soybeans pulled back from recent gains overnight, while corn and wheat traded on both sides of unchanged.
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.