Agriculture News
The broader marketplace is monitoring escalating tensions in the Middle East and awaits Fed commentary and other macroeconomic developments.
The proposed biomass-based biodiesel mandates fueled a surge in soyoil futures.
Israel strikes Iran, triggering oil supply concerns and surge in crude oil futures.
Cash grain prices remain mostly well under last year’s levels.
USDA kept its winter wheat crop estimate unchanged and made only modest balance sheet changes aside from cotton.
Minimal changes were made to wheat production. However, old- and new-crop corn and cotton ending stocks were trimmed from May.
Weekly soybean and wheat sales during the week ended June 5 each fell short of pre-report expectations, while corn declined 16% from the previous week.
USDA’s June Crop Production and WASDE Reports are expected to show just modest changes from last month.
Improved wheat demand along with a slow start to harvest supports basis.
While this deal was completed, challenges remain with China.
The more likely market-moving reports for June come at the end of the month.