Some buying returned to grain futures overnight. Markets will zero in on the Fed today and whether it bumps up its timeline for higher interest rates. Meanwhile, China is reporting its sow herd is near pre-ASF levels.
USDA announced today it will expand the Clean Lakes, Estuaries, And Rivers initiative, called CLEAR30, from a pilot program to a nationwide program.
Members of the National Oilseed Processors Association crushed 163.52 million bu. of soybeans during May, marking the fourth month in a row processing has fallen short of expectations.
The cooler forecast is pressuring grain and soy futures, despite some lower than expected crop condition ratings. NOPA will update the May crush today. And a truce has been reached on the U.S./EU aircraft dispute.
Hot, dry weather in the Upper Midwest and Western Corn Belt drew down corn and soybean ratings, with too much moisture slowing winter wheat harvest. Find more highlights from today’s crop progress and condition update.
Wheat inspections were near the upper end of expectations and last week’s tally was revised 75,091 MT higher versus what was initially reported. Soybean inspections, on the other hand, were even lighter than expected.
USDA upped the ante this year by providing greater incentives like higher rental payments as part of the Biden administration’s all-of-government approach to tackling climate change.
Rains for the dry Northern Plains and western Corn Belt are expected to be erratic the next two weeks, with warm temperatures likely to persist. Nevertheless, grain and soy futures are under heavy pressure.
Private analytics firm IHS Markit trimmed its 2021 U.S. corn planted acreage estimate by 310,000, dropping it to 96.54 million acres, which is still above most private forecasts.
There’s no need to wait for the mail. Download this week’s issue of the Pro Farmer newsletter here.

Meghan Vick

Meghan joined Pro Farmer in June 2011 and is currently the News Editor. Prior to joining the Pro Farmer team, Meghan worked as an editor at Stocks, Futures and Options (SFO) magazine. During her time there she gained her Series 3 license from the National Futures Association. She is a 2009 Summa Cum Laude graduate of Wartburg College in Waverly, Iowa, with Bachelor of Arts degrees in English and writing. LimelightPlayerUtil.initEmbed(‘limelight_player_28855'); At Pro Farmer, Meghan writes many of the daily market commentaries in addition to website news stories and updates on Washington happenings. She also compiles the quarterly Washington Outlook Report.