Agriculture News
Corn, soybeans and wheat poised to post strong weekly gains.
Several U.S. farm commodity groups and the American Farm Bureau Federation did not hold back in criticizing portions of the report.
Cash soybean prices weakened over the past week.
Crude oil futures are under pressure and the U.S. dollar index is firmer.
Corn and soybean basis remains much weaker than normal.
July SRW wheat futures reached a four-week high during overnight trade.
Wheat led overnight price gains after an unexpected drop in crop ratings.
The modest declines came despite improvements in the top producers for both crops – Kansas for HRW and Illinois for SRW.
During the week ended May 15, corn inspections rose 419,000 MT from the previous week, nearly topping analysts’ pre-report range. Soybean inspections were notably short of expectations.
A discussion on a historical look at USDA’s initial WASDE projections.