Poor spring planting conditions forced USDA to throw its usual cautiousness to the wind as the May WASDE affirmed a bull market. The market firmed ahead of the release as thoughts of buying a dip evaporated and instead wheat skyrocketed. Corn and soybeans remain down for the past five trading sessions but today’s action catapulted wheat into new contract highs.
USDA emphasized the uncertainty presented by Russia’s invasion of Ukraine and saber-rattling by Moscow will keep markets on edge. USDA cut its forecast for Ukraine’s wheat and corn exports though no one knows for sure how much can be produced and moved over rickety supply lines.
Wheat was up sharply with Minneapolis up the daily limit and new contract hi...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...
