USDA’s Cattle on Feed Report Friday afternoon is expected to show March 1 inventories up 1.1% from year-ago levels, which if realized would top last year’s record for the date by 132,000 head.
Corn, soybean and wheat futures held within Tuesday’s price ranges overnight in relatively quiet trade that has markets trading higher and near session highs this morning.
Global supply concerns amid the ongoing war between Russia and Ukraine fueled active followthrough buying in grain and soy markets overnight, led by winter wheat.
Bulls controlled overnight trade in the grain and soy complex amid global supply concerns as Russia’s invasion of Ukraine is showing no signs of letting up or ending anytime soon.
The extended weather outlook through June offer no hope of meaningful relief for drought-parched HRW areas, but it favorable for rapid progress for spring-planted crops.
Corn and soybeans firmed after failing to take out Wednesday’s lows overnight. Wheat futures gapped lower but rebounded to fill the gaps and are trading mostly firmer this morning.
Volatility was reduced from recent days in grain and soy complex futures overnight, as corn, soybeans and wheat all traded within relatively tight ranges compared to recent standards.
Grain and soy complex futures are called higher, with wheat trade likely to remain extremely volatile. Livestock futures are expected to face followthrough selling.
Wheat futures gapped lower overnight after limit-down closes on Wednesday and sharply extended losses. But wheat filled the gaps and is trading higher this morning, as are corn and soybeans.
USDA reflected no expected increase in U.S. wheat exports, despite the Russia/Ukraine conflict. U.S. corn exports were increased to reflect fewer anticipated shipments from Ukraine.
