Soy futures are expected to open firmer on support from an Argentine grain inspector strike at ports. Corn and SRW wheat are also expected to trade higher, while HRW and HRS wheat futures will likely face light selling.
Soybeans are expected to open higher, with wheat likely to face pressure. Corn will be caught in the middle but could pull support from daily export sales to China.
Weekly corn sales landed just above the low-end pre-report estimate, down 58% from the week prior and 68% from the four-week average. Soybean sales were up notably from the week prior and 17% from the four-week average.
As a result of tighter global exportable supplies and higher industrial consumption, soybean oil as a percentage of global vegetable oil consumption is forecast to fall below 30% in 2022-23.
USDA kept corn and soybean ending stocks unchanged from March, while traders were anticipating a reduction for both crops. Meanwhile, wheat ending stocks rose as expected.
Traders expect lower corn and soybean carryover in today's report, HRW condition ratings historically low and South American crops have 'turned the corner...'
USDA reported soybean and wheat export inspections of 669,566 MT and 335,444 MT, respectively; up over 165,000 MT from the previous week. While corn inspections dropped notably.
Corn and soybeans are under pressure with wheat futures mixed. Cattle futures are lower although traders foresee higher cash trade again this week. Hog futures are mostly higher to start the week.
