Pro Farmer
While old- and new-crop ending stocks were both well below pre-report expectations, wheat production landed well above analysts’ estimates.
USDA’s May crop reports could be overshadowed by this weekend’s U.S./China trade talks.
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Soybeans are leading strength in the grain and oilseed complex amid China talks.
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.