News
Soybean futures are higher with corn and wheat futures under light pressure. Livestock futures are higher to start the week...
Grains saw relative weakness overnight while soybeans were supported by robust followthrough gains in soyoil following Friday’s limit higher close.
Trade and geopolitics at the top of traders’ watch list.
Short-term trend is bearish for soymeal.
Soyoil futures extended Friday’s strong gains that were tied to EPA’s proposed biodiesel mandate.
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The proposed biomass-based biodiesel mandates fueled a surge in soyoil futures.
Corn, soybeans and wheat each traded higher early in the overnight session, supported by strength in the overall commodity marketplace as Israel launched a widespread attack against Iran.
Israel strikes Iran, triggering oil supply concerns and surge in crude oil futures.
Cash grain prices remain mostly well under last year’s levels.
USDA made minor adjustments to their crop balance sheets today.
USDA kept its winter wheat crop estimate unchanged and made only modest balance sheet changes aside from cotton.
Minimal changes were made to wheat production. However, old- and new-crop corn and cotton ending stocks were trimmed from May.
Announcements on RFS levels and 45Z clean fuel credit imminent, possibly on Friday.
Corn, soybeans and wheat each favored the downside early in the overnight session but saw an increase in buying interest this morning.
Weekly soybean and wheat sales during the week ended June 5 each fell short of pre-report expectations, while corn declined 16% from the previous week.
USDA’s June Crop Production and WASDE Reports are expected to show just modest changes from last month.
Improved wheat demand along with a slow start to harvest supports basis.