Agriculture News
Argentine cattle producers are slated to end their halt to meat sales at midnight tonight, but the ban could be renewed and extended to grain sales.
Find updates to our short-term, intermediate- and long-term trends for commodity and key outside markets.
Grain and soy futures are sharply higher to start the week after a weekend frost. Live and feeder cattle futures are under pressure with lean hogs mixed.
Wheat inspections dropped notably from last week’s strong showing. Soybean inspections were lackluster, as expected.
Temperatures dipped below freezing over Memorial Day weekend in the Upper Midwest and Northern Plains, raising questions about slowed development and the possibility some replanting will be needed.
Andrey Sizov, head of SovEcon, says, “Spring weather conditions were favorable for the new winter wheat crop. However, there is a big question mark over the spring wheat crop now.”
Harvest of China’s winter wheat crop got underway this month, which along with Chinese changes in recommended feed mixes could cool Chinese buying of corn near-term.
“Reports indicate much of this week’s heavy rains was immediately absorbed by the severely dry soils, with no runoff into empty dugouts or ponds,” according to today’s Drought Monitor Summary.
Our Market Watch table features monthly and quarterly price outlooks along with weekly prices for a variety of ag markets.
China bought a total of 5.812 MMT of corn the week ending May 20, with 5.644 MMT of those purchases being new-crop.