With all three categories coming in on the bearish side of the average pre-report estimates, the report is price-negative.
Intermediate term trend is now up for soybeans.
Corn, soybean and wheat futures extended their recent rallies overnight as traders returned from the extended Christmas holiday weekend.
USDA estimates there were 11.985 million head of cattle in large feedlots (1,000-plus head) as of Dec. 1, down 51,000 head (0.4%) from both year-ago and the average pre-report estimate.
USDA estimates the U.S. hog herd at 74.201 million head as of Dec. 1, down 3.111 million head (4.0%) from last year.
U.S. Drought Monitor shows 58% of the U.S. winter wheat crop area is covered by drought conditions as of Dec. 21.
Soymeal and soyoil export sales came in above expectations.
Grain and soy futures posted light, two-sided trade overnight in thin pre-holiday price action.
Beef stocks rose contra-seasonally in November. Pork stocks declined, as is normal, but not nearly as much as the five-year average.
