Agriculture News
June 1 hog herd expanded 1.3% from year-ago, with the market hog inventory up 1.7%.
Cash winter wheat prices continue the seasonal price slide.
Soybeans and wheat are expected to open firmer, corn mixed.
Wheat sales during the week ended June 20 topped analysts’ pre-report range for the second straight week. Soybean sales fell 49% on the week, while soyoil saw net reductions, which were a marketing-year low.
While the acreage estimates will draw a lot of attention, quarterly stocks data has a history of producing major surprises, especially for corn.
Corn, soybeans and wheat held in tight ranges during the overnight session that saw two-sided trade.
Cash cattle prices surge to a record high last week.
Soybeans led a round of corrective gains in grain and soy futures during the overnight session.
Frozen meat stocks data suggests demand didn’t keep pace with supplies during May.
Corn, soybeans and wheat traded higher at points overnight but have adopted a mostly weaker tone this morning.
Weekly soybean inspections during the week ended June 20, rose modestly on the week and were near the upper end of the pre-report range, while corn and wheat inspections each declined from the previous week.
Soybeans mildly firmed overnight, while corn and wheat failed to stray far from unchanged in two-sided trade.
Monthly rural banker attitude survey reflects negative outlook.
Data wasn’t negative enough to have much market impact.
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USDA reported corn sales of 511,400 MT for the week ended June 13, the lowest since the week ended April 11, though exports totaled 1.48 MMT during the week. Meanwhile, wheat and soyoil sales each topped expectations.
Corn, soybeans and wheat posted mild corrective gains overnight, recouping a small portion of Thursday’s sharp losses.
The Seasonal Drought Outlook calls for drought conditions to develop from southeastern Iowa and northeastern Missouri across the northern two-thirds of Illinois and most of Indiana and Ohio through September.
Corn, soybean and wheat futures faced price pressure during overnight trade coming off Wednesday’s holiday.