News
CCI ratings declined in both Kansas and Illinois.
Corn also traded higher after the reports, while wheat struggled to find buyers.
While old- and new-crop ending stocks were both well below pre-report expectations, wheat production landed well above analysts’ estimates.
Weekly corn inspections during the week ended May 8 declined 392,000 MT from the previous week, while soybean inspections rose on the week.
Supportive trade news comes ahead of USDA’s May crop reports later this morning
Soybean futures are sharply higher with corn mildly higher and wheat mixed. Cattle futures are poised to challenge highs, and lean hog futures are moderately to sharply higher to start the week...
Soybeans led strength overnight amid a U.S. and China 90-day pause on tariffs.
The 90-day reduction in tariffs gives both sides until mid-August to reach a comprehensive trade deal.
Short-term trend turns bullish for crude oil after U.S./China trade tensions ease.
USDA’s May crop reports are out later this morning.
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Trump administration floats major tariff rollback in talks with China ahead of talks.
Monday’s reports will include USDA’s initial winter wheat production estimate and new-crop corn and soybean production projections based on March planting intentions and trendline yields.
Corn and soybeans saw strength overnight, led by corrective strength in the old-crop/new-crop calendar spreads.
General market risk appetite is up after the U.S./UK trade deal and weekend talks with China.
Corn, soybean and most wheat prices are under year-ago.
Price action across the agricultural markets was a bit of a mixed bag today.
This is the first bilateral trade deal announced since Trump began slapping tariffs on U.S. trading partners.