News
Corn, soybeans and wheat each favored the downside overnight, giving up a portion of Thursday’s gains.
Rural Mainstreet Index slips deeper into the red.
Kansas City Federal Reserve highlights district ag credit conditions.
Basis firmed for corn, soybeans and SRW wheat.
Policymakers dial back rate cut expectations.
Market focus will remain on U.S. and global weather as traders await acreage and grain stocks data at the end of June.
USDA pegged winter wheat production at 1.875 billion bu., just below expectations along with new-crop wheat U.S. ending stocks. However, U.S. and global corn and soybean ending stocks were above pre-report estimates.
In May CPI, food prices showed mixed trend
Wheat led weakness overnight, facing persistent selling pressure. Corn and soybeans traded higher, though continue to trade largely sideways ahead of today’s USDA reports.
Corn and soybeans modestly rebounded from Tuesday’s losses overnight, while wheat pulled back from its corrective gains yesterday.