Agriculture News
The U.S. cattle herd was 0.1% bigger than year-ago as of June 1, whereas traders expected a 0.7% decline.
Drought now covers 70% of corn areas and 63% of soybeans.
USDA’s weekly export data for week ended June 22, showed net sales for corn, soybeans and wheat within their respective ranges, but near low-end expectations.
The CCI ratings are now 8.6% below year-ago for both corn and soybeans.
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.
Short-term trend turns bearish for live cattle and feeders.
May placements increased 86,000 head from last year.
The drop in beef stocks was rather normal; pork inventories fell much more than average.
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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.