Agriculture News
Weekly soybean inspections during the week ended June 20, rose modestly on the week and were near the upper end of the pre-report range, while corn and wheat inspections each declined from the previous week.
Monthly rural banker attitude survey reflects negative outlook.
Data wasn’t negative enough to have much market impact.
USDA reported corn sales of 511,400 MT for the week ended June 13, the lowest since the week ended April 11, though exports totaled 1.48 MMT during the week. Meanwhile, wheat and soyoil sales each topped expectations.
The Seasonal Drought Outlook calls for drought conditions to develop from southeastern Iowa and northeastern Missouri across the northern two-thirds of Illinois and most of Indiana and Ohio through September.
All three crops remain rated well above year-ago at this time.
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.
Short-term trends turn bullish for cattle futures, bearish for wheat.
Access this week’s newsletter here.