Agriculture News
The World Board cut the corn yield projection due to extreme dryness through June. The soybean yield was left unchanged.
USDA reported net corn sales of 468,400 MT for 2022-23 and 470,800 MT for 2023-24, notably exceeding pre-report estimates.
In its July WASDE, USDA slashed the corn yield by 4 bu., which put 2023-24 ending stocks near pre-report estimates. Its soybean yield projection was unchanged, leaving ending stocks well above pre-report estimates.
The spring wheat CCI rating continued to decline.
USDA reported wheat inspections of 419,134 MT for week ended July 6, topping pre-report estimates, while corn inspections missed the respective range by nearly 160,000 MT.
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USDA reported weekly wheat sales of 405,800 MT for week ended June 29, while net corn sales rose 79% on the week to 251,700 MT. Soybean sales fell 17% week-over-week.
Expectations for the future jumped, while current conditions were unchanged.