Agriculture News
Weather remains favorable, if not ideal, for crop development, while trade uncertainty also continues to hang over markets.
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Corn, soybeans and the winter wheat markets extended Wednesday’s strong gains during overnight trade.
Corn and bean basis remains much weaker than average.
Cash cattle prices continue to retreat after historic rally.
Corn futures faced followthrough selling overnight, though remaining above Tuesday’s contract lows.
Concerns about U.S. agricultural exports were a leading factor in the weaker long-term sentiment.
Corn conditions unexpectedly improved to the highest rating for this time of year since 2018.
No real surprises in planted acreage estimates or June 1 stocks, aside from cotton acreage coming in higher than anticipated.
USDA trimmed both corn and soy acres from its March estimate, while stocks were slightly higher than expected for corn, soybeans and wheat.