Agriculture News
Trading ranges were much tighter overnight than recent days in corn, soybean and wheat futures.
Recent rains have eased drought in the Southern and Central Plains, but the relief is too late for much of the crop.
Cash wheat prices fall sharply but still well above year-ago.
Old-crop corn export sales were a marketing-year low. New-crop sales were light, too.
Wheat and corn futures faced heavy selling pressure overnight but remained above Wednesday’s lows. Selling in soybeans was lighter.
Soybean basis continues to charge higher and is well above the three-year average.
Wheat futures sharply extended Tuesday’s hefty losses in overnight trade. Corn and soybeans followed wheat lower.
Spring wheat futures led gains in the wheat markets overnight as planting progress fell shy of expectations. Soybeans firmed, while corn traded slightly lower overnight.
The HRW crop is still well below its five-year average, while the SRW crop is now rated above normal.
Beef stocks declined less than normal in April, while frozen pork inventories climbed more than average. Total red meat and poultry stocks rose around 16% from last year.