News
Wheat continues to lead strength. Old-crop corn saw impressive strength this morning following higher than expected export sales.
Limit-down trade in soyoil tied to concerns the renewable diesel target for next year may be lower than expected and sharply lower trade in crude oil.
Package was approved in a party-line vote of 29-25.
Corn basis improved but remains much weaker than average.
Annual Iowa State survey reports state average of $271 an acre.
Grains continue to lead weakness while soybeans see relative strength.v
Tax and farm bill provisions being debated.
July soybean futures reached their highest level since Feb. 11 during overnight trade.
Soybeans consolidated from Monday’s surge higher overnight while grains continue to show relative weakness.
Wheat futures fell to contract lows overnight.
Portion of $290B in nutrition savings redirected to boost commodity and crop programs.
CCI ratings declined in both Kansas and Illinois.
Corn also traded higher after the reports, while wheat struggled to find buyers.
While old- and new-crop ending stocks were both well below pre-report expectations, wheat production landed well above analysts’ estimates.
Weekly corn inspections during the week ended May 8 declined 392,000 MT from the previous week, while soybean inspections rose on the week.
Supportive trade news comes ahead of USDA’s May crop reports later this morning
Soybean futures are sharply higher with corn mildly higher and wheat mixed. Cattle futures are poised to challenge highs, and lean hog futures are moderately to sharply higher to start the week...