Agriculture News
Both the current conditions index and future expectations index rose from April.
Weekly corn inspections rose 244,000 MT from the previous week to 1.37 MMT during the week ended May 30, landing above pre-report expectations. Wheat and soybean inspections also rose on the week.
Short-term trend turns bearish for corn, soybeans and soymeal.
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Weekly soybean sales during the week ended May 23 rose 18% from the previous week, though exports for the week slipped to a marketing-year low of 208,400 MT.
USDA estimated drought covered 5% of corn production areas and 3% for soybeans as of May 28.
HRW crop continues modest late-season improvement, while SRW crop is declining ahead of harvest.
Weekly wheat inspections during the week ended May 23 rose 170,704 MT from the previous week, while corn inspections fell nearly 150,000 MT. Meanwhile, soybean inspections rose modestly on the week.
The decline in feedlot numbers was the first drop versus year-ago in eight months.
Beef stocks declined less than average during the month, while pork inventories built more than normal.