Agriculture News
HRW CCI rating drops to the lowest of the year, while the SRW rating improved to its highest of the spring.
Soybean inspections continue to run stronger than normal for this time of year.
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.
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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.