USDA Reports
Hot weather in the northern Plains takes a toll on spring wheat ratings
Crop conditions came in better than analyst expectations
USDA pegged new crop corn ending stocks at 1.790 billion bu., well below the average pre-report estimate of 1.873 billion bu. World ending stocks for corn, soybeans and wheat also landed below expectations.
USDA will use the latest planted acreage estimates and incorporate Grain Stocks data.
Corn acres landed above the average pre-report estimate, though lighter-than-expected June 1 stocks are supportive. Wheat acreage and stocks were mostly short of average pre-report estimates.
Improvements in the western Corn Belt outweighed deterioration elsewhere
Fertilizer price swings from the Iran conflict and wet Corn Belt weather have traders on edge ahead of Tuesday’s 11 a.m. CT release. Grain stocks also in focus, with corn inventories expected to be highest since 1988.
HRW rating declines, while SRW sees improvement
USDA also raised its corn and soybean condition ratings
Cuts to U.S. wheat production failed to offset other changes globally