News
Wheat continues to lead strength. Old-crop corn saw impressive strength this morning following higher than expected export sales.
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