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The soy and wheat complexes, as well as cotton futures, finished the week on a strong note in the wake of Thursday’s supportive USDA reports. The corn and livestock markets struggled.
Your editors take you through USDA’s latest WASDE and Crop Production Reports that had no shortage of surprises.
Its initial soybean crop estimate was also a bit smaller than expected, and it sliced its all wheat crop quite a bit more than the market anticipated. The market was also caught leaning the wrong way on cotton.
“Increased drought coverage and intensity was more common, as a large majority of these areas recorded light precipitation at best,” today’s drought summary says.
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USDA will release corn and soybean crop estimates today, China lowers soybean import projection and economists expect inflation to persist...
Ahead of the Open | August 12, 2021 Corn, soybean futures trading slightly lower, wheat firmer as trade awaits key USDA reports.
But exports of the oilseed hit a marketing-year low.
USDA’s WASDE and Crop Production Report out at 11:00 a.m. CT. China trims soybean import projection for 2020-21. Low water levels on Parana River could get worse before it gets better.
Cash wheat prices firm, though HRS values ease from their elevated levels.
Corn and soybean basis continues to slide, but cash prices for both rose this week.