Agriculture News
The corn and spring wheat CCIs slipped from their initial ratings, while the first rating for soybeans was strong.
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.
Both the current conditions index and future expectations index rose from April.
Corn futures showed mild followthrough selling throughout the overnight session, while soybeans and wheat have weakened this morning following two-sided trade earlier in the session.
Both crops start the growing season rated well above year-ago.
Weekly corn inspections rose 244,000 MT from the previous week to 1.37 MMT during the week ended May 30, landing above pre-report expectations. Wheat and soybean inspections also rose on the week.
Short-term trend turns bearish for corn, soybeans and soymeal.
Wheat futures recouped some of last week’s losses during the overnight session, while corn and soybeans extended their recent declines.
Access this week’s newsletter here.
Weekly soybean sales during the week ended May 23 rose 18% from the previous week, though exports for the week slipped to a marketing-year low of 208,400 MT.