News
China is deliberately holding off on re-engaging in formal trade negotiations.
Outlook calls for drought in the western Corn Belt and Plains through July; most of the eastern Corn Belt will be drought-free.
Corn led strength overnight while wheat and soybeans saw action on either side of unchanged.
Soybean sales during the week ended April 24 rose 55% on the week despite the seasonal lull amid fresh South American supplies. Wheat sales were also up noticeably, while corn sales slid 12% week-over-week.
Traders await weekly export sales data later this morning.
Sharp weekly declines in soybean, wheat basis on rollover to the July contracts.
Economists fear President Trump’s trade/tariff stance could push ag into a deeper recession.
GOP budget reconciliation plans remain in flux.
Soybeans favored the downside overnight while corn and soybeans saw action on either side of unchanged.