News
Corrective buying supported corn, soybean and wheat futures ahead of USDA’s May crop reports later this morning.
Corn basis remains premium and well above average.
USDA will update its old-crop ending stocks, release its first 2023-24 balance sheets and issue its initial winter wheat crop estimate.
Black Sea Export Deal talks begin today, McCarthy notes no progress on debt ceiling and the DOE looks to refill SPR later this year...
China and others continue to take actions re: decreased use of U.S. dollar
Corn, soybeans and wheat are expected to open lower on followthrough selling, but all three markets finished well off their overnight lows.
Corn, soybeans and SRW wheat faced followthrough selling overnight, while HRW and HRS wheat futures pulled back from Tuesday’s gains.
China’s soybean imports below year-ago in April, western companies are looking for a new manufacturing hub and South American yields beat expectations...