Agriculture News
USDA pegged soybean production at 4.59 billion bu., up 10% from 2023, using a record yield of 53.2 bu. per acre. Corn production is estimated at 15.1 billion bu., using a yield forecast of 183.1 bu. per acre.
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The Federal Reserve Bank of Chicago’s quarterly ag banker survey finds gains in first quarter land values.
Kansas City Federal Reserve finds rising farmland values despite a weakening farm economy.
The corn and wheat markets are deepening earlier gains amid lower-than-expected U.S. and global corn ending stocks, while all wheat production was reported 30 million bu. short of the average trade estimate.
USDA will provide the first look at the 2024-25 balance sheets and its initial winter wheat crop estimates.
Weekly corn sales during the week ended May 2, rose 17% from the previous week and 23% from the four-week average. Meanwhile, soybean sales increased 4% from the previous week and 21% from the four-week average.
Farmer sentiment was the weakest since June 2022 and current conditions fell to the lowest since May 2020.
The HRW CCI rating increased for the first time this spring, while the SRW CCI rating declined for the first time.
USDA reported weekly soybean inspections of 349,000 MT for the week ended May 2, which rose 73,000 MT from the previous week. Corn, soybean and wheat inspections were each within pre-report ranges.
