Agriculture News
Corn inspections totaled 1.67 MMT during the week ended June 12, down slightly from the previous week but landed just short of the upper end of the pre-report range.
USDA kept its winter wheat crop estimate unchanged and made only modest balance sheet changes aside from cotton.
Minimal changes were made to wheat production. However, old- and new-crop corn and cotton ending stocks were trimmed from May.
Weekly soybean and wheat sales during the week ended June 5 each fell short of pre-report expectations, while corn declined 16% from the previous week.
USDA’s June Crop Production and WASDE Reports are expected to show just modest changes from last month.
Improved wheat demand along with a slow start to harvest supports basis.
While this deal was completed, challenges remain with China.
The more likely market-moving reports for June come at the end of the month.
U.S., China reach deal to ease export curbs, keep tariff truce intact.
Soybeans tried to work higher amid corrective trade but buyer interest was limited.
Ratings for all three crops remain below year-ago.