Agriculture News
Corn, soybean and wheat futures are expected to open sharply higher on support from plunging crop condition ratings. Soyoil will face heavy pressure from reports of EPA’s biodiesel mandates.
Corn, soybean and wheat futures built on Thursday’s strong gains during overnight trade amid heightened crop concerns.
USDA’s weekly export sales data for week ended June 8, showed a second straight week of increasing soybean sales, while corn sales were mediocre. Wheat sales during the week were shy of the pre-report range by 35,000 MT.
Drought removal or improvement is expected across much of the western Corn Belt, while eastern areas will trend drier.
Grain markets are expected to open sharply higher amid weather and crop concerns for corn and soybeans.
Mounting weather concerns supported corn and soybean futures overnight, while wheat followed to the upside.
Iowa DDG prices fall below $200 per ton; Illinois soymeal prices nearing $400 per ton.
The Fed hit the pause button this month, but new projections show another two rate hikes are likely this year.
Basis dropped for both corn and soybeans but remained better than average.
Grain and soy futures are expected to open moderately to sharply lower despite supportive outside markets.
Corn and soybeans pulled back from their recent gains during overnight trade. Wheat was led lower by HRW contracts amid increased harvest activity.