News
USDA reported soybean export inspections of 140,179 MT, missing the low-end pre-report estimate of 175,000 MT, while corn inspections were near top-end estimates but were down slightly from the previous week.
Winter wheat production was reported the average trade guess, due to a notable drop in estimated SRW wheat production from May. Meanwhile, U.S. carryover for corn and soybeans landed above pre-report estimates.
Given the mostly neutral data, focus will now be on weather and USDA’s Acreage and Quarterly Grain Stocks Reports at the end of the month.
USDA expected to raise ending stocks, Russian ammonia pipeline blast complicates Black Sea grain deal and France’s wheat crop continues to deteriorate...
Quiet trade is expected in the grain and soy markets this morning as traders await USDA’s June crop reports.
Groups supporting biodiesel and renewable diesel continue to press EPA
Price action was relatively quiet overnight as traders await USDA’s crop reports later this morning.
The Drought Monitor showed 55% of the U.S. was covered by abnormal dryness/drought, up five percentage points from the previous week. USDA estimated drought covered 45% of corn production areas and 39% of soybeans.
Corn and soybeans are expected to open lower, while wheat is likely to favor the upside.