News
Wheat futures will lead price gains in the grain and soy markets amid concerns with the HRW crop and Black Sea grain deal.
Wheat futures posted strong gains overnight, while soybeans traded solidly higher and corn was mixed amid bull spreading.
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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.