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New-crop corn futures rally after USDA cuts U.S. yield estimate; wheat surge on tighter supplies.

Based on U.S. Drought Monitor data as of May 10, 68% of the U.S. winter wheat crop area was experiencing drought, down one percentage point from the previous week.

Wheat prices post strong weekly gains.

Wheat futures rocketed higher on the bullish report data.

USDA also expects a drop in 2022-23 global wheat production and supplies.

China buys more U.S. corn | EWG says crop insurance needs reformed | FTC update

Grain, soybean futures mixed to weaker as trade awaits USDA Supply and Demand update.

USDA will release key data this morning, Russia expects robust wheat exports and IEA assures global oil output will remain strong...

Weekly old-crop corn and soybean export sales were a marketing-year low. Beef export sales were a high for the year and pork sales were also strong.

Soybeans and wheat pulled back from Wednesday’s gains, while corn was mostly firmer overnight. Trade was quiet as traders await USDA’s May crop reports later this morning.