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Key to new farm bill timeline: whether additional funding is provided
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Winter wheat production was reported the average trade guess, due to a notable drop in estimated SRW wheat production from May. Meanwhile, U.S. carryover for corn and soybeans landed above pre-report estimates.
Given the mostly neutral data, focus will now be on weather and USDA’s Acreage and Quarterly Grain Stocks Reports at the end of the month.
USDA expected to raise ending stocks, Russian ammonia pipeline blast complicates Black Sea grain deal and France’s wheat crop continues to deteriorate...