Agriculture News
HRW CCI rating drops to the lowest of the year, while the SRW rating improved to its highest of the spring.
Soybean inspections continue to run stronger than normal for this time of year.
Wheat gapped higher, with HRW and HRS futures moving to new contract highs after India’s ban on wheat exports. Corn and soybeans also posted strong gains.
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Spring wheat futures built on Thursday’s limit-up performance overnight, while corn and soybeans also traded higher. Winter wheat futures eased a bit from yesterday’s strong gains.
Based on U.S. Drought Monitor data as of May 10, 68% of the U.S. winter wheat crop area was experiencing drought, down one percentage point from the previous week.
Wheat futures rocketed higher on the bullish report data.
Weekly old-crop corn and soybean export sales were a marketing-year low. Beef export sales were a high for the year and pork sales were also strong.
Soybeans and wheat pulled back from Wednesday’s gains, while corn was mostly firmer overnight. Trade was quiet as traders await USDA’s May crop reports later this morning.
Basis firmed for both corn and soybean and is well above futures.
Corn, soybean and wheat futures built on Tuesday’s gains overnight amid supportive outside markets.
USDA’s May 12 Supply & Demand Report will be the first official release of balance sheets for 2022-23, along with usage adjustments for the old-crop marketing year.
Corn, soybean and SRW wheat futures recouped a portion of Monday’s losses overnight. HRW and HRS futures firmed more than they lost yesterday.
Recent rains spurred mild improvement in HRW ratings; SRW ratings declined.
Corn, soybean and wheat export inspections all declined from the previous week
Wheat futures extended last week’s gains overnight amid crop concerns, while the corn and soybean markets were pressured by improved weather.
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