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In the wake of the heavy flooding in the northwestern Corn Belt, there have been a lot of questions about USDA’s methodology for assessing crop conditions. We’ve got the answer.
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Impact: Shortage of finished products or shipments of expected grain
Corn, soybeans and wheat each saw corrective buying most of the overnight session, though selling pressure increased into the break.
Soybeans led a round of corrective gains in grain and soy futures during the overnight session.
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Frozen meat stocks data suggests demand didn’t keep pace with supplies during May.
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Corn, soybeans and wheat each favored the downside overnight, with soybeans negating most of Monday’s surge.