Agriculture News
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.
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.