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Despite falling 155,000 MT from the previous week, soybean inspections remained strong during the week ended Oct. 24, landing near the top-end of analysts’ pre-report expectations. Corn and wheat inspections also declined and were near low-end estimates.
Corn and soybeans are under pressure as wheat chops around unchanged. Cattle futures are mixed with lean hog futures higher to start the week…
Corn, soybeans and wheat each gapped lower on the overnight open, though corn and wheat saw limited followthrough selling pressure.
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Corn and soybeans faced light followthrough selling after last Friday’s losses during the overnight session, while wheat has turned mixed early this morning.
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Data was mostly neutral compared to pre-report expectations.
A big part of the larger-than-normal increase in beef stocks was due to a downward revision for the August figure.