Before the June report was issued, corn and wheat were trading lower and soybeans were up by around 18 cents. Overall, the report was bearish both corn and soybeans, and somewhat bullish wheat. But that is not how the market necessarily played it. Corn and HRW understandably closed lower and SRW higher, but soybeans shot up over 23 cents. There is fun and intrigue in the soyoil market but first the WASDE. USDA wasn’t ready to lower U.S. corn and soybean production as much as some analysts expected early season dryness would compel them to. Wheat was a mixed bag with the agency seeing less damaged HRW but not as much SRW as expected. Thus, HRW lost 7 cents today and SRW gained four.
For both old crop and new crop, USDA sees h...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
Key Takeaways: The Middle East and North Africa's arid climate and limited water resources have created a structural dependence on imported wheat. Government wheat tenders in major importing countries serve as important benchmarks for global trade, providing insight into exporter competitivene...
