Agriculture News
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.
The CCI ratings are now 8.6% below year-ago for both corn and soybeans.
Corn inspections in week ended June 22 fell short of the expected pre-report range by over 150,000 MT and were down over 280,000 MT on the week. Wheat and soybean inspections landed in their lower respective ranges.
Wheat and soybeans are expected to open sharply higher, while corn is expected to show a mixed tone.
Short-term trend turns bearish for live cattle and feeders.
Wheat futures posted strong gains overnight amid global supply concerns given the political instability in Russia. Soybeans have firmed this morning while corn is mixed.
May placements increased 86,000 head from last year.
The drop in beef stocks was rather normal; pork inventories fell much more than average.
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In week ended June 15, weekly corn sales totaled a tepid 36,000 MT, an 87% drop from the previous week and 74% from the four-week avg. Soybean export sales fell 4% on the week, but were up 98% from the four-week avg.
Corn and soybeans will face heavy pressure from improved rainfall chances, while wheat is expected to actively follow to the downside.