News
Beef stocks climbed more than average during September, largely because the previous month’s figure was revised down 15.1 million pounds. Sept. pork stocks dropped, whereas there is normally a small buildup in supplies.
As expected, Vilsack tapping CCC for trade promotion and food aid
Soybeans are expected to open firmer, with wheat and corn likely to face pressure.
Corn faced followthrough selling overnight, while wheat more than erased Monday’s modest gains. Soybeans posted two-sided trade.
USDA reported wheat inspections of 168,868 MT during week ended Oct. 19, which were down 187,000 MT from last week and below pre-report estimates.
Farm bill extension now seen as very likely
Soybeans and corn are under pressure to open the week, while wheat is firmer.
Short-term trends turn bullish for corn and soymeal.
Corn and soybeans are expected to open lower, with wheat likely to be mixed.
Soybeans led overnight losses, while corn and the winter wheat markets faced lighter selling.