Soybean futures took a hit in overnight trading as the Brazilian harvest progresses, with the country’s production forecast remaining steady at 155 million metric tons. Despite expectations of a reduction due to adverse weather, exports are anticipated to rise to 103 million metric tons, up from the previous year. In the U.S., rain forecasts may impact corn and soybean planting but could benefit soil moisture levels.
Meanwhile, ethanol production saw a significant drop, averaging 954,000 barrels per day, the lowest level since January. Soybean futures for July delivery fell to $11.74¼ a bushel on the Chicago Board of Trade, with soymeal and soy oil also experiencing declines. Corn futures were down slightly, while wheat futures showed a modest increase.
On the other hand, red meat and poultry stocks in cold storage saw a decline compared to the previous year. Total red meat stocks decreased by 12% year over year to 919.4 million pounds, with beef and pork inventories also experiencing drops. Chicken meat in storage decreased by 12% year over year as well.
Additionally, red flag warnings have been issued in the southern Plains, particularly affecting areas where hard red winter wheat is cultivated. Strong winds are expected in southwestern Kansas, posing potential risks to agricultural activities in the region.
