News
USDA’s weekly export sales data for week ended June 8, showed a second straight week of increasing soybean sales, while corn sales were mediocre. Wheat sales during the week were shy of the pre-report range by 35,000 MT.
Drought removal or improvement is expected across much of the western Corn Belt, while eastern areas will trend drier.
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Grain markets are expected to open sharply higher amid weather and crop concerns for corn and soybeans.
Mounting weather concerns supported corn and soybean futures overnight, while wheat followed to the upside.
Iowa DDG prices fall below $200 per ton; Illinois soymeal prices nearing $400 per ton.
The Fed hit the pause button this month, but new projections show another two rate hikes are likely this year.
Basis dropped for both corn and soybeans but remained better than average.