There were no shocks in today’s June USDA WASDE report, just tweaks that were generally within expectations. Corn, soybeans, soymeal, wheat, and cattle all pretty much settled in the same direction they were at just prior to the report’s release. It is important to note that USDA is not going to change its preliminary estimates for 2025/26 corn and soybeans until it gets the surveyed planted acreage numbers later this month.
USDA left most of its 2025/26 production estimates unchanged but there were some changes within the wheat classes. Winter wheat as a whole was raised 39 MBU, in line with market expectations, with HRW lowered slightly, and SRW and White raised slightly.
U.S. 2024/25 ending stocks were somewhat...
Key Market Insights Geopolitical Limbo: Geopolitical risk remained a key driver across global commodity markets today. President Trump stated that the Iran memorandum of understanding is not yet final and warned that military action could resume if negotiations fail. Both sides continue w...
Key Takeaways: Drought remains a major threat to global agricultural production, particularly in regions with limited rainfall and growing water scarcity. Commercially available drought-tolerant traits in corn, soybeans, and wheat have generally delivered modest yield improvements, limiting th...
Key Takeaways: Peace at last in the Persian Gulf? Over the weekend, the U.S. announced and Iranian officials confirmed a peace agreement, with formal ratification set for Geneva on 19 June. The announcement means the Strait of Hormuz is set to reopen fully and toll-free within 30 days.&n...
