Agriculture News
Soymeal sales fell 75% from the previous week, while beef sales dropped 46%.
Weekly corn inspections rose 193,000 MT from the previous week, while wheat inspections rose modestly. Soybean inspections declined on the week.
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USDA raised its estimate for corn acreage by nearly 1.5 million from the end of March, while soybean acres were lowered 400,000. Meanwhile, corn, soybean and wheat June 1 stocks were each above pre-report estimates.
In the wake of the heavy flooding in the northwestern Corn Belt, there have been a lot of questions about USDA’s methodology for assessing crop conditions. We’ve got the answer.
June 1 hog herd expanded 1.3% from year-ago, with the market hog inventory up 1.7%.
Wheat sales during the week ended June 20 topped analysts’ pre-report range for the second straight week. Soybean sales fell 49% on the week, while soyoil saw net reductions, which were a marketing-year low.
While the acreage estimates will draw a lot of attention, quarterly stocks data has a history of producing major surprises, especially for corn.
Frozen meat stocks data suggests demand didn’t keep pace with supplies during May.