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...
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.
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.
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.
Corn, soybean and wheat futures pulled back from recent strong gains overnight, while soyoil faced heavy followthrough selling after yesterday’s limit-down performance.
Corn, soybean and wheat futures are expected to open sharply higher on support from plunging crop condition ratings. Soyoil will face heavy pressure from reports of EPA's biodiesel mandates.
Plunging crop condition ratings and dryness concerns fueled strong gains in corn, soybean and spring wheat futures overnight. Winter wheat futures actively followed to the upside.
Delayed from its normal release due to Monday's holiday and technical difficulties, USDA reported a near 300,000 MT week-over-week decline in corn inspections, while soybean inspections rose modestly on the week.
Kremlin pessimistic on export deal, Rosario Grain Exchange cuts Argy soybean forecast and Wal Mart announces plan to open Kansas beef packaging facility...
