Agriculture News
Corn futures showed mild followthrough selling throughout the overnight session, while soybeans and wheat have weakened this morning following two-sided trade earlier in the session.
USDA estimated drought covered 5% of corn production areas and 3% for soybeans as of May 28.
Wheat futures faced active followthrough selling overnight, while corn and soybeans favored the downside in two-sided trade.
Basis firmed for corn and soybeans as cash prices dropped.
Corn, soybeans and the winter wheat markets mildly favored the downside overnight.
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.
Wheat futures posted strong gains overnight coming off the extended holiday weekend amid ongoing Russian crop concerns. Corn followed to the upside, while soybeans slumped after a firmer start.
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.
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