News
USDA raised its 2023 beef production forecast based on “recent slaughter data and larger-than-previously forecast first-half placements.”
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Winter wheat production and new-crop wheat ending stocks both came in well shy of pre-report expectations.
USDA’s May crop data was mostly bearish, though wheat production and ending stock estimates were notably shy of pre-report estimates, giving the wheat complex momentum to climb higher.
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Wheat futures are expected to open solidly higher, with corn and soybeans likely to be mixed with a firmer tone. Pre-report positioning will be featured this morning ahead of USDA’s May crop reports.
Corrective buying supported corn, soybean and wheat futures ahead of USDA’s May crop reports later this morning.