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The livestock markets rebounded from Monday’s losses today. Corn and soybeans saw modest gains but closed off session highs. Wheat and cotton continue to face selling pressure.
Proposed rule expected to face opposition from some business and industry associations
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Soybeans led the way higher overnight with corn following to the upside, while wheat saw relative weakness.
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Corn plantings and June 1 stocks topped expectations.
USDA raised its estimate for corn acreage by nearly 1.5 million from the end of March, while soybean acres were lowered 400,000. Meanwhile, corn, soybean and wheat June 1 stocks were each above pre-report estimates.
Decision expected to shift more interpretive power to the courts
Key Fed measure shows inflation rose 2.6% in May from a year ago, as expected
Soybeans and wheat saw modest corrective gains overnight while corn languished near unchanged. Price action ahead of today’s reports are likely to be driven by positioning.
Corn, soybeans and wheat posted mild corrective gains overnight amid light short-covering ahead of USDA’s reports later this morning.
In the wake of the heavy flooding in the northwestern Corn Belt, there have been a lot of questions about USDA’s methodology for assessing crop conditions. We’ve got the answer.
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.
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