Agriculture News
Corn planted acres climbed from March intentions, but by around 1.1 million acres less than analysts expected. USDA’s June 1 stocks estimates came in on the friendly side of expectations for corn, soybeans and wheat.
Prices are expected to rise for all three categories by more than their 20-year average.
Inside you’ll find weather updates, both sides of the livestock pricing issue, an update on an infrastructure deal and market-by-market analysis and marketing advice.
The measure includes $579 billion in new spending on infrastructure, for a total price tag of $1.2 trillion over eight years.
Find expectations for tomorrow’s Cattle on Feed Report.
Cash soybean and corn prices extend recent sharp decline over the past week.
Severe thunderstorms affected parts of northern Illinois, northern Indiana, northern Ohio, and southern Michigan on Sunday. But other Midwest areas continued to dry out.
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.