Agriculture News
Grain markets traded on both sides of unchanged overnight, with beans and wheat mildly favoring the upside this morning.
USDA reported wheat inspections of 168,868 MT during week ended Oct. 19, which were down 187,000 MT from last week and below pre-report estimates.
Soybeans and corn are under pressure to open the week, while wheat is firmer.
Short-term trends turn bullish for corn and soymeal.
Corn and soybeans are expected to open lower, with wheat likely to be mixed.
Soybeans led overnight losses, while corn and the winter wheat markets faced lighter selling.
USDA showed Oct. 1 Cattle on Feed in large (1,000+ head) feedlots population up 0.6% above year-ago, easily topping industry expectations.
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Corn and wheat futures firmed amid mild followthrough buying overnight, while soybeans pulled back a little.
Monthly survey finds most negative attitude since May 2020.
The 90-day forecast from the National Weather Service signals increased chances of above-normal precipitation across the eastern half of Kansas, along with most of Texas and Oklahoma through January.