Agriculture News
Corn and soybeans are expected to open moderately to sharply higher on support from crop concerns. Wheat is likely to be mixed.
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.