Agriculture News
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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.
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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.
Markets signal reduced odds of more than one rate cut this year following the release of minutes from latest monetary policy meeting.