Wheat
Soyoil and soymeal export sales were also above expectations.
Corn exports a marketing year high at 1,300,800 MT.
China buys corn; wheat sales below expectations.
Soybean exports top 1 million metric tons.
30-day outlook calls for below-normal precip and above-normal temps across Central & Southern Plains.
Active weather pattern around next 10-plus days.
Rains in the forecast for Midwest, helping to alleviate drought.
Beef and cotton sales improve on last week’s pace.
Markets have positive financial news to digest today.
Beef sales slightly below last week’s level.
30-day outlook calls for below-normal precip across Central & Southern Plains
Still a lot of rain is needed to end the long-lasting drought in the Southern Plains.
Showers also benefit crops in Australia.
But near-term outlook is promising for meaningful rains in the Southern Plains.
As farmers face the probability of low-quality wheat -- in some cases below quality standards for milling -- they can look for alternative markets for their crop.
Rich Nelson of Allendale says corn and soybeans showed resilience rallying into the close on strong demand. However, he thinks it may be exporters front loading their purchases. Cattle reverse in reaction to the McDonald’s E.coli story.