Agriculture News
Spring wheat futures continue to climb, soybeans are sharply higher as well with corn futures mildly higher. Cattle futures are mixed and mostly weaker as hog futures firm.
Prices are expected to rise for all three categories by more than their 20-year average.
Inside you’ll find weather updates, both sides of the livestock pricing issue, an update on an infrastructure deal and market-by-market analysis and marketing advice.
The measure includes $579 billion in new spending on infrastructure, for a total price tag of $1.2 trillion over eight years.
Find expectations for tomorrow’s Cattle on Feed Report.
Cash soybean and corn prices extend recent sharp decline over the past week.
Severe thunderstorms affected parts of northern Illinois, northern Indiana, northern Ohio, and southern Michigan on Sunday. But other Midwest areas continued to dry out.
Corn sales were near the midpoint of expectations, with exports holding strong. Old-crop soybean sales were near the upper end of expectations, but new-crop sales fell short. Wheat sales also met expectations.
Corn and soybean basis continue to fall but remain higher than the three-year averages.
On average, analysts surveyed by Reuters expect USDA will report the June 1 hog herd around 75.572 million head.
While corn prices rallied 22% from March 31 to June 1, soybean prices dipped 3%, lifting corn planting intentions at the expense of soybeans, according to FBN’s survey work.
Frozen pork stocks stood at 461.14 million lbs. at the end of May, which was a 4.22-million-lb. (0.9%) build from April versus the usual 34-million-lb.-retreat for the month.
More than a year later, we need to get back to normal because we need to start repairing 15 months of broken connections, writes Cherilyn Jolly-Nagel with Global Farmer Network.
Spring wheat ratings plummeted, and corn came in lower than expected. Find more highlights from today’s weekly Crop Progress and Condition Report here.
The spring wheat CCI rating is now 91.1 points below its five-year average.
Refinitiv Commodities Research says trade flow data signals China will likely import 11.6 MMT of soybeans during June, which would be an all-time monthly high.
Find more updates to our short-term, intermediate- and long-term trends for commodity and key outside markets.
Corn inspections were also solid, with last week’s tally revised roughly 66,500 MT higher.
China’s state-owned importers bought at least eight cargos (480,000 MT) of U.S. soybeans, today, two traders familiar with the deal toward Reuters. And that tally could climb even higher.
We project total corn and soybean plantings at a record 182.3 million acres, which is the exact total we estimated in March and would be up 8.4 million acres from last year and 2.0 million acres more than the 2017 peak.