Agriculture News
Short-term trends remain mostly sideways for the major grain markets.
Corn and wheat traded higher overnight, soybeans are lower to start the week.
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Corn sales during the week ended May 22 dipped 23%, while soybean sales declined 53%. Meanwhile, new-crop wheat sales remained firm.
Corn, soybean and winter wheat markets poised for weekly losses, while spring wheat bucked the trend to trade higher.
Cash soybeans remain well below last year.
Only four years since 1980 have not had a summer soybean rally.
The U.S. Court of International Trade ruled President Trump’s ‘Liberation Day’ tariffs imposed under the International Emergency Economic Powers Act were unlawful.
Cash cattle prices have posted a record high for five consecutive weeks.
Soybeans mildly weakened during overnight trade.
The initial CCI ratings for corn and spring are far below year-ago levels.
Wheat inspections during the week ended May 22 rose on the week, while corn and soybean inspections each marked declines.
Wheat and corn are under pressure to open the week, while soybeans are mildly firmer coming out of the holiday weekend.
The improvement for wheat may be short-lived as prices are under pressure to open the week.
Grain traders mostly focused on weather, but trade happenings remain on the radar.
May 1 feedlot inventory declined 1.5% from year-ago, as expected.
Part of the increase in pork stocks tied to a big downward revision to March inventories.
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Corn, soybeans and wheat poised to post strong weekly gains.
Several U.S. farm commodity groups and the American Farm Bureau Federation did not hold back in criticizing portions of the report.