Agriculture News
All signs point toward a sharply lower open in grains this morning, though a series of daily soybean sales could somewhat limit buying in that market.
Cattle herd declined 2.7%; beef cows dropped 2.6%.
June placements unexpectedly increased from year-ago.
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Monthly survey finds rising optimism in 10-state ag economies.
The 90-day forecast suggests most of the key corn and soybean areas should see generally favorable conditions for August through October.
Grain and soy futures are expected to open daytime trade with a firmer tone as traders focus on weather and geopolitics.
USDA reported net soymeal sales of 272,500 MT for week ended July 13, which exceeded top-end pre-report estimates. Meanwhile, net wheat sales fell short of trade expectations.
Corn, soybeans and wheat traded on both sides of unchanged during the overnight session.
Cash hog and pork product prices continue to climb seasonally.