Agriculture News
Corn and soybean CCI ratings are well below year-ago, while the spring wheat rating is still above last year at this time.
USDA reported soybean export inspections of 140,179 MT, missing the low-end pre-report estimate of 175,000 MT, while corn inspections were near top-end estimates but were down slightly from the previous week.
Corn and soybeans are expected to open higher on weather/crop concerns. Wheat is called mixed this morning.
Short-term trends turn bullish for soybeans, soyoil and oats.
Corn futures posted double-digit gains overnight amid increased weather/crop concerns. Soybeans also traded higher, while wheat was narrowly mixed.
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Winter wheat production was reported the average trade guess, due to a notable drop in estimated SRW wheat production from May. Meanwhile, U.S. carryover for corn and soybeans landed above pre-report estimates.
Given the mostly neutral data, focus will now be on weather and USDA’s Acreage and Quarterly Grain Stocks Reports at the end of the month.
Quiet trade is expected in the grain and soy markets this morning as traders await USDA’s June crop reports.
Price action was relatively quiet overnight as traders await USDA’s crop reports later this morning.
The Drought Monitor showed 55% of the U.S. was covered by abnormal dryness/drought, up five percentage points from the previous week. USDA estimated drought covered 45% of corn production areas and 39% of soybeans.
Corn and soybeans are expected to open lower, while wheat is likely to favor the upside.
USDA reported old-crop soybean sales of 207,200 MT for week ended June 1, a 68% increase from the previous week. New-crop sales of 264,600 MT were also reported.
Corn faced mild followthrough selling overnight, while soybeans traded on both sides of unchanged and wheat firmed after earlier pressure.
Cash cattle and boxed beef prices surged again.
Choppy to mostly lower price action is expected as traders start to prepare for USDA’s reports on Friday.
Corn, soybeans and wheat posted two-sided trade overnight but are mostly firmer this morning.
Producer sentiment fell to its weakest reading since July 2022, triggered by crop price weakness.
Wheat futures are expected to lead gains in the grain markets, though outside markets could restrict buyer interest.