Agriculture News
HRW crop continues modest late-season improvement, while SRW crop is declining ahead of harvest.
Weekly wheat inspections during the week ended May 23 rose 170,704 MT from the previous week, while corn inspections fell nearly 150,000 MT. Meanwhile, soybean inspections rose modestly on the week.
The decline in feedlot numbers was the first drop versus year-ago in eight months.
Beef stocks declined less than average during the month, while pork inventories built more than normal.
Access this week’s newsletter here.
Soymeal sales during the week ended May 16 landed short of pre-report expectations and were down 52% from the previous week. Meanwhile, corn sales rose 23% from the previous week.
Markets signal reduced odds of more than one rate cut this year following the release of minutes from latest monetary policy meeting.
Iowa State University’s annual survey finds steady cash rents for 2024.
Weekly changes in CCI ratings were led by top producers Kansas (HRW) and Illinois (SRW).
Short-term trend shifts from bullish to neutral for corn.