News
Weekly corn inspections in week ended May 11, rose nearly 200,000 MT on the week, while wheat inspections increased 27,731 MT. Soybeans missed pre-report estimates and were down 250,000 MT from the previous week.
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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.
The Federal Reserve Bank of Kansas City reports a 10% annual boost in farmland values.