The Supreme Court in favor of refiners regarding SREs. USDA boosts its food price inflation forecasts. Meanwhile, its monthly Cattle on Feed Report was generally in line with expectations.
Corn ratings finally stabilized, but condition ratings for soybeans and wheat continue to decline. Meanwhile, labor shortages and rising input costs have dampened farmer optimism.
The corn CCI rating inched higher, while the soybean reading slipped.
Barge rates signal big grain shipments. Today's Cattle on Feed and Cattle Inventory reports were supportive.
The CCI ratings for the corn and soybean crops were nearly unchanged for the week.
Corn and beans rallying on bullish acreage data. Monthly soy and corn processing reports out today. TPA expires with little fanfare and the U.S. and Taiwan restarted trade talks.
The spring wheat CCI rating is now 38.1% below the five-year average for this date.
Another forecast for an even bigger 2021-22 Brazilian bean crop. High degree of uncertainty about coming cattle placements number.