Agriculture News
China continues to buy sizable quantities of U.S. old-crop soybeans, accounting for more than half of the weekly total.
Wheat gapped higher, with HRW and HRS futures moving to new contract highs after India’s ban on wheat exports. Corn and soybeans also posted strong gains.
Access this week’s Newsletter here.
Spring wheat futures built on Thursday’s limit-up performance overnight, while corn and soybeans also traded higher. Winter wheat futures eased a bit from yesterday’s strong gains.
Based on U.S. Drought Monitor data as of May 10, 68% of the U.S. winter wheat crop area was experiencing drought, down one percentage point from the previous week.
Wheat futures rocketed higher on the bullish report data.
Weekly old-crop corn and soybean export sales were a marketing-year low. Beef export sales were a high for the year and pork sales were also strong.
Soybeans and wheat pulled back from Wednesday’s gains, while corn was mostly firmer overnight. Trade was quiet as traders await USDA’s May crop reports later this morning.
Basis firmed for both corn and soybean and is well above futures.
Corn, soybean and wheat futures built on Tuesday’s gains overnight amid supportive outside markets.