Agriculture News
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.
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.
Wheat futures posted strong gains overnight after a major dam in Ukraine was destroyed. Corn and soybeans traded solidly higher on lower-than-expected crop condition ratings.
CCI ratings for corn and beans below year-ago, spring wheat rated better than last year.
USDA’s weekly export inspection data showed a week-over-week decline in export inspections for corn, soybeans and wheat. June 1 marked the beginning of the 2023-24 wheat marketing-year,
Corn, soybeans and wheat are expected to open firmer after favoring the upside overnight.
No changes in the short-term, intermediate or long-term trends this week.