Agriculture News
Limit-down trade in soyoil tied to concerns the renewable diesel target for next year may be lower than expected and sharply lower trade in crude oil.
Package was approved in a party-line vote of 29-25.
Corn basis improved but remains much weaker than average.
Annual Iowa State survey reports state average of $271 an acre.
July soybean futures reached their highest level since Feb. 11 during overnight trade.
Wheat futures fell to contract lows overnight.
CCI ratings declined in both Kansas and Illinois.
Corn also traded higher after the reports, while wheat struggled to find buyers.
While old- and new-crop ending stocks were both well below pre-report expectations, wheat production landed well above analysts’ estimates.
Weekly corn inspections during the week ended May 8 declined 392,000 MT from the previous week, while soybean inspections rose on the week.
Supportive trade news comes ahead of USDA’s May crop reports later this morning
Soybean futures are sharply higher with corn mildly higher and wheat mixed. Cattle futures are poised to challenge highs, and lean hog futures are moderately to sharply higher to start the week...
Short-term trend turns bullish for crude oil after U.S./China trade tensions ease.
USDA’s May crop reports are out later this morning.
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Trump administration floats major tariff rollback in talks with China ahead of talks.
Monday’s reports will include USDA’s initial winter wheat production estimate and new-crop corn and soybean production projections based on March planting intentions and trendline yields.
General market risk appetite is up after the U.S./UK trade deal and weekend talks with China.
Corn, soybean and most wheat prices are under year-ago.
Soybeans led a round of gains in the grain and soy complex overnight ahead of an expected trade deal with Britain and upcoming U.S., China talks.