Agriculture News
Cash cattle prices have retreated from recent record levels but remain at historic highs.
CPC puts nearly 90% odds of neutral conditions lasting through August and 56% chances they will persist until October.
Drought covers 35% of spring wheat areas, but only minor levels for corn, soybeans and cotton.
Traders failed to respond to strong weekly export sales reported near the end of overnight trade, signaling focus remains on weather.
Corrective buying in wheat futures early this morning helped pull corn and soybeans off their overnight lows.
Basis is better than average for SRW, but well below average for HRW.
Weather remains favorable, if not ideal, for crop development, while trade uncertainty also continues to hang over markets.
Corn and soybeans tried to work higher on corrective buying at points overnight but favorable weather and trade uncertainties kept buyer interest limited.
Grains are expected to continue the followthrough selling that pressured markets overnight.
Favorable weather, trade uncertainties continue to weigh on grains.