Agriculture News
Grain and soy futures are expected to face heavy pressure after active followthrough selling during overnight trade.
Corn, soybean and wheat futures showed price strength overnight and are trading near their session highs early this morning.
The Office of Management and Budget (OMB) has scheduled an increasing number of meetings concerning the EPA’s final rule on levels for the Renewable Fuel Standard (RFS).
Grain and soybean futures are expected to open mostly lower following another week of disappointing export sales.
Weekly export data for week ended May 18, showed net reductions for corn and wheat, while soybean sales were up noticeably from the previous week. Though, meal sales were the highlight; up 68% from the four-week average.
Corn, soybean and wheat futures held in tight ranges in quiet, two-sided overnight trade.
Cash hog prices continue slow, methodical seasonal climb.
Corn basis improved along with a big jump in the cash price.
Beef stocks declined more than average, while pork inventories climbed more than normal during April.
Wheat futures are expected to open lower after price pressure overnight. Corn is called steady/firmer, while soybeans are likely to be mixed.
Soybeans faced followthrough selling during overnight trade, while corn and wheat pulled back from Tuesday’s gains.