Milling Wheat The Black Sea market was weaker during most of last week due to harvest pressure. However, the downtrend was reversed on Thursday after publication of the USDA WASDE report and several other analysts’ bullish projections. USDA lowered the Russian and Ukrainian crops by 1.5 MMT and 1 MMT, respectively, from its June report. It is now forecasting the Russian crop at 67 MMT, and the Russian Ag Ministry surprised the market on Friday when it announced an estimate of 64.4 MMT. USDA’s estimate of the Russian crop last month was certainly among the most pessimistic in the market at that time. Today, however, there are analysts and operators working with lower numbers than that. We hear some as low as 61 MMT, reflecting a...
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...
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