Agriculture News
Limit-down trade in soyoil tied to concerns the renewable diesel target for next year may be lower than expected and sharply lower trade in crude oil.
Package was approved in a party-line vote of 29-25.
Corn basis improved but remains much weaker than average.
Annual Iowa State survey reports state average of $271 an acre.
July soybean futures reached their highest level since Feb. 11 during overnight trade.
Wheat futures fell to contract lows overnight.
CCI ratings declined in both Kansas and Illinois.
Corn also traded higher after the reports, while wheat struggled to find buyers.
While old- and new-crop ending stocks were both well below pre-report expectations, wheat production landed well above analysts’ estimates.
Weekly corn inspections during the week ended May 8 declined 392,000 MT from the previous week, while soybean inspections rose on the week.