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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.
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.
Impact: Shortage of finished products or shipments of expected grain
Corn, soybeans and wheat each saw corrective buying most of the overnight session, though selling pressure increased into the break.
Soybeans led a round of corrective gains in grain and soy futures during the overnight session.
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Frozen meat stocks data suggests demand didn’t keep pace with supplies during May.