Agriculture News
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.
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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