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After the Bell | March 21, 2024

Lower global prices to spur Chinese demand, Congress releases minibus bill and EU PMI rises...

FOMC details | Hearing on China | Billions for microchips | Tax bill fate | Second minibus

The Seasonal Drought Outlook calls for drought to persist across much of Iowa, Minnesota and Wisconsin through June.

Corn, soybeans and wheat each favored the upside overnight, though corn and soy went into the break well off session highs.

Weekly wheat sales were reported at (109,600) MT for the week ended March 14, which were down noticeably from the previous week. Corn and soybean sales were as expected.

Soybeans posted followthrough buying to Wednesday’s strong gains during overnight trade, while corn and wheat mildly favored the upside.

Cash cattle prices nearing their record high posted in summer 2023.

Cash hogs continue the seasonal price climb.

Most Fed officials expect three rate cuts this year, but fewer committee members anticipate more than three reductions.