News
Soybeans, wheat and new-crop corn futures faced followthrough selling overnight, while July corn futures pivoted around unchanged.
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Grain and soy futures will open sharply lower after heavy selling overnight.
Despite sharper-than-expected declines in corn and soybean crop condition ratings, those markets traded sharply lower overnight amid forecasts for improved rain chances. Wheat also traded sharply lower overnight.
The CCI ratings are now 8.6% below year-ago for both corn and soybeans.
Corn inspections in week ended June 22 fell short of the expected pre-report range by over 150,000 MT and were down over 280,000 MT on the week. Wheat and soybean inspections landed in their lower respective ranges.
Soybean and wheat futures are off to a strong start with corn futures mixed. Cattle futures are choppy to mostly lower with lean hogs are higher on support from the cash market...
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Wheat and soybeans are expected to open sharply higher, while corn is expected to show a mixed tone.
Short-term trend turns bearish for live cattle and feeders.
Wheat futures posted strong gains overnight amid global supply concerns given the political instability in Russia. Soybeans have firmed this morning while corn is mixed.
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May placements increased 86,000 head from last year.
The drop in beef stocks was rather normal; pork inventories fell much more than average.