Agriculture News
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.
Corn export inspections topped the upper end of trade expectations at nearly 1.7 MMT.
Short-term trends turn bullish for soybeans and soymeal.
Wheat futures posted strong corrective gains overnight, while the corn and soybean markets followed to the upside.
USDA’s estimated April placements down 0.9% from last year, whereas traders expected a 4.6% decline, on average.
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Wheat futures faced followthrough selling pressure overnight, while corn also traded lower. Soybeans have turned mixed after earlier weakness.
The Rural Mainstreet Index finds loan volumes up on increased input costs.
Big weekly gains in cash prices for corn, soybeans and wheat.
Drought still covers two-thirds of U.S. winter wheat area.