Agriculture News
Corn inspections were also solid, with last week’s tally revised roughly 66,500 MT higher.
China’s state-owned importers bought at least eight cargos (480,000 MT) of U.S. soybeans, today, two traders familiar with the deal toward Reuters. And that tally could climb even higher.
We project total corn and soybean plantings at a record 182.3 million acres, which is the exact total we estimated in March and would be up 8.4 million acres from last year and 2.0 million acres more than the 2017 peak.
A weather market is in full swing, with commodities diving the past week. Inside this week’s letter you’ll find plenty of updates on the forecast, crop conditions (crop comments are back!) and Washington happenings.
Nearly half of rural bankers report their local economy grew in May to June.
The National Weather Service is calling for above-normal temperatures over most of the country during the July through September period.
Warm, dry conditions prevailed in northern and western areas of the Midwest the week ending June 15, resulting in the “widespread worsening of drought and dryness,” according to today’s National Drought Monitor.
Export sales of corn were light, as expected, but old-crop sales did manage to stay in positive territory. Wheat sales were also near the lower end of expectations. Total soybean sales fell short of 72,000 MT.
