Agriculture News
Soymeal sales during the week ended May 16 landed short of pre-report expectations and were down 52% from the previous week. Meanwhile, corn sales rose 23% from the previous week.
Weekly corn inspections during the week ended May 16 rose more than 200,000 MT from the previous week, while wheat and soybean inspections each fell notably on the week, missing pre-report estimates.
Short-term trend shifts from bullish to neutral for corn.
Wheat futures rebounded from the poor finish last Friday by posting strong gains during the overnight session. Corn and soybeans followed to the upside.
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Grain futures are expected to open with a firmer tone after gains overnight. Key will be whether overnight price strength is maintained during daytime trade.
Soybeans firmed to near their weekly highs overnight, while corn and wheat recouped some of their declines from the three previous days.
RMI registers negative for ninth consecutive month.
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%.
Drought covers 25% of winter wheat areas, 12% for corn and 9% for soybeans.