Agriculture News
The soybean markets continues to react to last Friday’s bullish Acreage Report.
Soybean futures aggressively extended Friday’s price rally during overnight trade. Corn followed to the upside, while wheat traded mixed.
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Corn plantings greatly topped expectations, while soybean acres fell well shy of the pre-report estimate.
USDA reported over 94 million corn acres, which is over 2 million above pre-report estimates, while soybean acres were pegged at 83.505 million acres, over 4 million acres below the average pre-report estimate.
Grain and soy futures are expected to trade higher this morning on followthrough corrective buying after strength overnight.
The U.S. cattle herd was 0.1% bigger than year-ago as of June 1, whereas traders expected a 0.7% decline.
Corn, soybean and wheat futures firmed amid corrective buying during the overnight session as traders await USDA’s reports later this morning.
Drought now covers 70% of corn areas and 63% of soybeans.
Corn, soybean and winter wheat futures are expected to open mildly weaker, though selling should be more subdued than price action over the past week.