Agriculture News
Rural Mainstreet Index slips deeper into the red.
Monthly Rural Mainstreet Index finds record low banker pessimism.
Kansas City Federal Reserve highlights district ag credit conditions.
Basis firmed for corn, soybeans and SRW wheat.
Policymakers dial back rate cut expectations.
Market focus will remain on U.S. and global weather as traders await acreage and grain stocks data at the end of June.
USDA pegged winter wheat production at 1.875 billion bu., just below expectations along with new-crop wheat U.S. ending stocks. However, U.S. and global corn and soybean ending stocks were above pre-report estimates.
Corn and soybeans modestly rebounded from Tuesday’s losses overnight, while wheat pulled back from its corrective gains yesterday.
Corn, soybeans and wheat held in tight trading ranges during light, two-sided overnight price action.
The corn and spring wheat CCIs slipped from their initial ratings, while the first rating for soybeans was strong.
Corn, soybean and wheat export inspections during the week ended June 6, each notched a weekly decline, with soybean inspections marking the greatest drop, down 130,215 MT from the previous week.
Short-term trend turns sideways for corn, live cattle and feeders.
Corn and soybean futures trade on both sides of unchanged overnight but have firmed and are near session highs this morning. Wheat faced followthrough selling overnight.
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Winter wheat futures faced moderate to heavy selling pressure overnight, while milder losses were posted in corn, soybeans and spring wheat.
Weekly corn sales during the week ended May 30, rose 46% from the previous week and 41% from the four-week average. Meanwhile, new-crop wheat sales topped pre-report expectations by 117,000 MT.
Corn and soybean futures were supported by corrective buying overnight, while wheat pivoted around unchanged.
Basis firmed for corn, soybeans and wheat as cash prices dropped sharply.
Corn, soybeans and wheat held in relatively tight trading ranges during a quiet overnight session.