Agriculture News
Tour leaders share preliminary comments and results from their routes through South Dakota, Nebraska, Indiana and Ohio.
Its initial soybean crop estimate was also a bit smaller than expected, and it sliced its all wheat crop quite a bit more than the market anticipated. The market was also caught leaning the wrong way on cotton.
“Increased drought coverage and intensity was more common, as a large majority of these areas recorded light precipitation at best,” today’s drought summary says.
But exports of the oilseed hit a marketing-year low.
Cash wheat prices firm, though HRS values ease from their elevated levels.
Corn and soybean basis continues to slide, but cash prices for both rose this week.
The data is also expected to remind of the thin supply cushion for both crops.
The statistics agency also cut its soybean export forecast by 3.3 MMT and warned further cuts could be coming.
Soybean ratings did not improve in response. Find more highlights from today’s Crop Progress and Condition Report here.
The spring wheat CCI rating improved again, likely due to the poorer acres being hayed/abandoned or already harvested.
Pro Farmer policy analyst Jim Wiesemeyer and host Chip Flory discuss the highlights of last week in D.C. and look ahead to key votes and policy issues that matter most to farmers and ranchers.