News
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.
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In week ended June 15, weekly corn sales totaled a tepid 36,000 MT, an 87% drop from the previous week and 74% from the four-week avg. Soybean export sales fell 4% on the week, but were up 98% from the four-week avg.
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Corn and soybeans will face heavy pressure from improved rainfall chances, while wheat is expected to actively follow to the downside.
Corn and soybean futures faced active followthrough selling amid forecasts calling for improved rain chances for the Corn Belt. Wheat futures actively followed to the downside.
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Grain and soy futures are expected to open lower, with the heaviest selling likely in the soy complex.
Corn, soybean and wheat futures pulled back from recent strong gains overnight, while soyoil faced heavy followthrough selling after yesterday’s limit-down performance.
