Agriculture News
USDA pegged old-crop corn ending stocks at 1.877 billion bu., well below the average estimate of 2.049 billion bu. Soybean ending stocks were also short of average trade guesses, while 2024-25 wheat ending stocks were up notably amid higher production.
Soymeal sales fell 75% from the previous week, while beef sales dropped 46%.
Corn and soybean basis firmed as cash prices dropped.
Corn, soybean and wheat futures traded in relatively tight ranges overnight.
All three crops are rated well above year-ago at this time.
Weekly corn inspections rose 193,000 MT from the previous week, while wheat inspections rose modestly. Soybean inspections declined on the week.
Corn, soybeans and wheat open the week under pressure
Short-term trends remain down for most grain and soy markets.
Corn, soybeans and wheat posted moderate to sharp losses during the overnight session.
No overnight grain trade. Grain and livestock markets resume trading at 8:30 a.m. CT.
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Corn plantings and June 1 stocks topped expectations.
USDA raised its estimate for corn acreage by nearly 1.5 million from the end of March, while soybean acres were lowered 400,000. Meanwhile, corn, soybean and wheat June 1 stocks were each above pre-report estimates.
Corn, soybeans and wheat posted mild corrective gains overnight amid light short-covering ahead of USDA’s reports later this morning.
In the wake of the heavy flooding in the northwestern Corn Belt, there have been a lot of questions about USDA’s methodology for assessing crop conditions. We’ve got the answer.