Agriculture News
Find updates to our short-term, intermediate- and long-term trends for commodity and key outside markets.
Corn sales were near the midpoint of expectations, with exports holding strong. Old-crop soybean sales were near the upper end of expectations, but new-crop sales fell short. Wheat sales also met expectations.
Corn and soybean basis continue to fall but remain higher than the three-year averages.
On average, analysts surveyed by Reuters expect USDA will report the June 1 hog herd around 75.572 million head.
While corn prices rallied 22% from March 31 to June 1, soybean prices dipped 3%, lifting corn planting intentions at the expense of soybeans, according to FBN’s survey work.
Frozen pork stocks stood at 461.14 million lbs. at the end of May, which was a 4.22-million-lb. (0.9%) build from April versus the usual 34-million-lb.-retreat for the month.
More than a year later, we need to get back to normal because we need to start repairing 15 months of broken connections, writes Cherilyn Jolly-Nagel with Global Farmer Network.
Spring wheat ratings plummeted, and corn came in lower than expected. Find more highlights from today’s weekly Crop Progress and Condition Report here.
The spring wheat CCI rating is now 91.1 points below its five-year average.
Refinitiv Commodities Research says trade flow data signals China will likely import 11.6 MMT of soybeans during June, which would be an all-time monthly high.
Find more updates to our short-term, intermediate- and long-term trends for commodity and key outside markets.