Agriculture News
Cattle futures expected to open higher, hogs lower.
Corn rebounded from fresh contract lows, while soybeans bounced from a drop below $10.
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Cut to ending stocks fails to spark corrective buying in corn, as traders remain focused on favorable weather.
Weather conditions are expected to remain favorable through at least the end of July.
Corn, soybeans and wheat traded on both sides of unchanged during the overnight session but are mildly weaker early this morning.
Cash cattle prices have retreated from recent record levels but remain at historic highs.
CPC puts nearly 90% odds of neutral conditions lasting through August and 56% chances they will persist until October.
Drought covers 35% of spring wheat areas, but only minor levels for corn, soybeans and cotton.
Traders failed to respond to strong weekly export sales reported near the end of overnight trade, signaling focus remains on weather.