Mark Bernard’s Day 1 observations and comments from the eastern leg of Crop Tour.
Your editors take you through USDA’s latest WASDE and Crop Production Reports that had no shortage of surprises.
Corn and soybean basis continues to slide, but cash prices for both rose this week.
The spring wheat CCI rating improved again, likely due to the poorer acres being hayed/abandoned or already harvested.
Grain and soybeans favored the downside overnight although soybeans recovered on the open. Hog futures are under heavy pressure with cattle futures slightly lower.
Cash livestock fundamentals remain strong.
This was the first weekly uptick in the spring wheat CCI of the growing season.
Corn and wheat futures are higher and soybeans are mixed. Cattle and hog futures are higher to start the week.
Soybean basis soars on rollover to the November contract, but the cash price falls.
Drought continues to hammer the U.S. spring wheat crop, while corn and soybean ratings slipped.

Brian Grete