News
Outlook calls for drought in the western Corn Belt and Plains through July; most of the eastern Corn Belt will be drought-free.
Corn led strength overnight while wheat and soybeans saw action on either side of unchanged.
Soybean sales during the week ended April 24 rose 55% on the week despite the seasonal lull amid fresh South American supplies. Wheat sales were also up noticeably, while corn sales slid 12% week-over-week.
Traders await weekly export sales data later this morning.
Sharp weekly declines in soybean, wheat basis on rollover to the July contracts.
Economists fear President Trump’s trade/tariff stance could push ag into a deeper recession.
GOP budget reconciliation plans remain in flux.
Soybeans favored the downside overnight while corn and soybeans saw action on either side of unchanged.
Winter wheat markets modestly rebounded from contract lows earlier in the overnight session.