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After the Bell | May 16, 2024

Big increases for Democratic priorities of conservation and nutrition

RMI registers negative for ninth consecutive month.

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During the week ended May 9, weekly pork sales totaled 21,100 MT, a marketing-year low, while soybean sales missed the pre-report range of estimates, falling 38% from the previous week. Weekly corn sales dropped 17%.

Cash wheat prices continue to climb.

Drought covers 25% of winter wheat areas, 12% for corn and 9% for soybeans.

Wheat futures led resurgent strength across the grain and soy markets overnight.

Wheat rebounded from yesterday’s losses overnight, pulling corn and soybean futures modestly higher.

Basis weakened slightly for corn, soybeans and wheat.