Agriculture News
Corn and bean basis remains much weaker than average.
Cash cattle prices continue to retreat after historic rally.
Corn futures faced followthrough selling overnight, though remaining above Tuesday’s contract lows.
Concerns about U.S. agricultural exports were a leading factor in the weaker long-term sentiment.
Corn conditions unexpectedly improved to the highest rating for this time of year since 2018.
No real surprises in planted acreage estimates or June 1 stocks, aside from cotton acreage coming in higher than anticipated.
USDA trimmed both corn and soy acres from its March estimate, while stocks were slightly higher than expected for corn, soybeans and wheat.
Wheat inspections during the week ended June 26 rose 179,657 MT from the previous week, while corn and soybean inspections each declined.
Corn futures are weaker with soybeans higher and wheat futures choppy. Livestock futures open the week under pressure...