With all three categories coming in on the bearish side of the average pre-report estimates, the report is price-negative.
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Wheat and soybeans within expectations
Soybeans, corn and spring wheat pulled back from Thursday’s gains overnight, while winter wheat futures extended yesterday’s losses.
USDA Secretary Tom Vilsack appeared before the House Ag Committee Thursday for nearly four hours.
The Rural Mainstreet Index is above growth neutral for the 14th straight month.
Cash corn prices are well above year-ago, but soybeans dropped below last year.
Improvement in SRW area
The National Weather Service’s (NWS) 90-day forecast continues to give elevated odds of above-normal temps and below-normal precip across HRW areas of the Southern Plains through April.