Agriculture News
Soybeans inspected for export during the week ended June 13 rose 100,000 MT from the previous week, while wheat inspections rose modestly. Meanwhile, corn inspections were notable, but fell 54,000 MT on the week.
Monthly Rural Mainstreet Index finds record low banker pessimism.
Kansas City Federal Reserve highlights district ag credit conditions.
Basis firmed for corn, soybeans and SRW wheat.
Policymakers dial back rate cut expectations.
Market focus will remain on U.S. and global weather as traders await acreage and grain stocks data at the end of June.
USDA pegged winter wheat production at 1.875 billion bu., just below expectations along with new-crop wheat U.S. ending stocks. However, U.S. and global corn and soybean ending stocks were above pre-report estimates.
Corn and soybeans modestly rebounded from Tuesday’s losses overnight, while wheat pulled back from its corrective gains yesterday.
Corn, soybeans and wheat held in tight trading ranges during light, two-sided overnight price action.
The corn and spring wheat CCIs slipped from their initial ratings, while the first rating for soybeans was strong.
Corn, soybean and wheat export inspections during the week ended June 6, each notched a weekly decline, with soybean inspections marking the greatest drop, down 130,215 MT from the previous week.