Agriculture News
Soybean and spring wheat CCI ratings continue to drop.
Access this week’s newsletter here.
USDA reported over 94 million corn acres, which is over 2 million above pre-report estimates, while soybean acres were pegged at 83.505 million acres, over 4 million acres below the average pre-report estimate.
The U.S. cattle herd was 0.1% bigger than year-ago as of June 1, whereas traders expected a 0.7% decline.
Drought now covers 70% of corn areas and 63% of soybeans.
USDA’s weekly export data for week ended June 22, showed net sales for corn, soybeans and wheat within their respective ranges, but near low-end expectations.
The CCI ratings are now 8.6% below year-ago for both corn and soybeans.
Corn inspections in week ended June 22 fell short of the expected pre-report range by over 150,000 MT and were down over 280,000 MT on the week. Wheat and soybean inspections landed in their lower respective ranges.
Short-term trend turns bearish for live cattle and feeders.
May placements increased 86,000 head from last year.