– Agricultural commodities:
– 3-4 cent gains overnight in both corn and soybeans
– 93% planting progress for corn and soybeans
– 49% winter wheat conditions rated good to excellent (up 2%)
– 76% spring wheat conditions rated good to excellent (up 4%)
– 1 million metric tons decrease in China’s May imports of soybeans (down 37% year-over-year)
– Energy markets:
– 2.3 million barrel expected decrease in US crude oil inventories
– 1.5 million barrel expected increase in US gasoline stocks
– 3-10 BCF expected net injection to US natural gas inventories
– Cattle and hog markets:
– 119,000 head of cattle slaughtered yesterday (down 2,000 from previous week)
– 98.3-100 range for June 1 cattle on feed (average estimate 99)
– 95-102 range for May cattle placements (average estimate 98.5)
– <59,000 head hog slaughter expected
– $91.44 CME hog index price
– $95.37 July hog futures closing price yesterday
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