News
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.
Soybeans led overnight strength as optimism surrounding this weekend’s talks between the U.S. and China lifted prices, while corn and wheat reluctantly followed to the upside.
Soybeans led a round of gains in the grain and soy complex overnight ahead of an expected trade deal with Britain and upcoming U.S., China talks.
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Both remain well below average.
Officials are not expecting major breakthroughs, but at least the two sides are talking.
Corn, soybeans and wheat each traded higher in early overnight trading on reports that the U.S. and China will be meeting to discuss trade.
U.S., China to hold trade talks in Geneva this weekend.
Improvement in farmer sentiment occurred despite ongoing trade disputes with many of U.S. agriculture’s largest trading partners.