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Kansas City Federal Reserve highlights district ag credit conditions.

Basis firmed for corn, soybeans and SRW wheat.

Policymakers dial back rate cut expectations.

After the Bell | June 12, 2024

Market focus will remain on U.S. and global weather as traders await acreage and grain stocks data at the end of June.

USDA pegged winter wheat production at 1.875 billion bu., just below expectations along with new-crop wheat U.S. ending stocks. However, U.S. and global corn and soybean ending stocks were above pre-report estimates.

In May CPI, food prices showed mixed trend

Wheat led weakness overnight, facing persistent selling pressure. Corn and soybeans traded higher, though continue to trade largely sideways ahead of today’s USDA reports.

Corn and soybeans modestly rebounded from Tuesday’s losses overnight, while wheat pulled back from its corrective gains yesterday.

Similar to House GOP farm bill features with a few differences; Key charts show Boozman’s vision