Today’s USDA supply and demand estimates increased old crop ending stocks of U.S. corn, wheat and soybeans. No adjustments were made to the 2019 corn and soybean planted acres numbers, and the yield estimates for those crops are very close to record-high levels.
The biggest surprise in USDA’s production estimates for the six major wheat-exporting countries wasn’t that prospects look much better than last year’s drought-reduced crops, it was the magnitude of the forecast increase for the EU at 16.8 MMT. That seems aggressive today. While still very early, conditions also remain very dry across most of West Australia and the Canadian Prairies. As a result, wheat seeding has barely gotten underway.
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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...
