Agriculture News
June 1 hog herd expanded 1.3% from year-ago, with the market hog inventory up 1.7%.
Wheat sales during the week ended June 20 topped analysts’ pre-report range for the second straight week. Soybean sales fell 49% on the week, while soyoil saw net reductions, which were a marketing-year low.
While the acreage estimates will draw a lot of attention, quarterly stocks data has a history of producing major surprises, especially for corn.
Frozen meat stocks data suggests demand didn’t keep pace with supplies during May.
Weekly soybean inspections during the week ended June 20, rose modestly on the week and were near the upper end of the pre-report range, while corn and wheat inspections each declined from the previous week.
Monthly rural banker attitude survey reflects negative outlook.
Data wasn’t negative enough to have much market impact.
USDA reported corn sales of 511,400 MT for the week ended June 13, the lowest since the week ended April 11, though exports totaled 1.48 MMT during the week. Meanwhile, wheat and soyoil sales each topped expectations.
The Seasonal Drought Outlook calls for drought conditions to develop from southeastern Iowa and northeastern Missouri across the northern two-thirds of Illinois and most of Indiana and Ohio through September.