Agriculture News
Corn, soybeans and spring pivoted around unchanged overnight, while the winter wheat markets mildly favored the upside.
Soybean crop ratings took a small step backwards over the past week.
Corn inspections totaled 1.67 MMT during the week ended June 12, down slightly from the previous week but landed just short of the upper end of the pre-report range.
A lot of market-moving factors for markets to digest entering a typically volatile period.
Soybean futures are higher with corn and wheat futures under light pressure. Livestock futures are higher to start the week...
Short-term trend is bearish for soymeal.
Soyoil futures extended Friday’s strong gains that were tied to EPA’s proposed biodiesel mandate.
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The proposed biomass-based biodiesel mandates fueled a surge in soyoil futures.
Israel strikes Iran, triggering oil supply concerns and surge in crude oil futures.
Cash grain prices remain mostly well under last year’s levels.
USDA kept its winter wheat crop estimate unchanged and made only modest balance sheet changes aside from cotton.
Minimal changes were made to wheat production. However, old- and new-crop corn and cotton ending stocks were trimmed from May.
Weekly soybean and wheat sales during the week ended June 5 each fell short of pre-report expectations, while corn declined 16% from the previous week.
USDA’s June Crop Production and WASDE Reports are expected to show just modest changes from last month.
Improved wheat demand along with a slow start to harvest supports basis.
While this deal was completed, challenges remain with China.
The more likely market-moving reports for June come at the end of the month.
U.S., China reach deal to ease export curbs, keep tariff truce intact.
Soybeans tried to work higher amid corrective trade but buyer interest was limited.