Agriculture News
Weekly wheat inspections during the week ended May 23 rose 170,704 MT from the previous week, while corn inspections fell nearly 150,000 MT. Meanwhile, soybean inspections rose modestly on the week.
Basis firmed for soybeans despite a sharp rise in the cash price.
Markets signal reduced odds of more than one rate cut this year following the release of minutes from latest monetary policy meeting.
Front-month SRW wheat futures rallied to the highest price since early August during overnight trade, pulling corn and soybeans higher.
Iowa State University’s annual survey finds steady cash rents for 2024.
Grain and soy futures pulled back from Monday’s strong gains overnight, with soybeans and soyoil facing the heaviest pressure.
Weekly changes in CCI ratings were led by top producers Kansas (HRW) and Illinois (SRW).
Weekly corn inspections during the week ended May 16 rose more than 200,000 MT from the previous week, while wheat and soybean inspections each fell notably on the week, missing pre-report estimates.
Short-term trend shifts from bullish to neutral for corn.
Wheat futures rebounded from the poor finish last Friday by posting strong gains during the overnight session. Corn and soybeans followed to the upside.
Access this week’s newsletter here.