Soybean futures expected lower in correction from rally to seven-month highs, corn and wheat also lower.
wheat inspections mildly increased but remain slow.
Corn, soybean and wheat futures are higher to start the week although spring wheat futures are lower on profit taking. Livestock futures are also higher.
Corn futures near six-month high, soybeans at four-month high on South America dryness, wheat at one-month high.
Intermediate term trend is now up for soybeans.
Focus on Fed: Timing of initial rate rise
Corn, soybean and wheat futures extended their recent rallies overnight as traders returned from the extended Christmas holiday weekend.
FY 2022 spending issues must be resolved by Feb. 18
USDA estimates there were 11.985 million head of cattle in large feedlots (1,000-plus head) as of Dec. 1, down 51,000 head (0.4%) from both year-ago and the average pre-report estimate.