Rough Rice Commodity Markets, Prices & Futures
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Latest News From Rough Rice
With notably smaller soybean acres, weather over the next month will be especially significant.
U.S. consumer sentiment increased 5.2 points (8.8%) in June to a reading of 64.4, according to the University of Michigan’s Surveys of Consumers.
AgDay TV Markets Now: Matt Bennett, AgMarket.Net discusses where ending stocks and prices project to for corn and soybeans after USDA’s shocking shift in acres.
USDA released a few big surprises in the June acreage report, including a spike in corn acres and a large reduction in soybean acres. The agency also forecasts grain stocks below trade expectations.
USDA’s June Acreage and Quarterly Stocks reports resulted in a bullish surprise for soybeans and bearish news for corn. In an already volatile grain market, the supply situation is problematic.
Soybeans ended sharply higher with a 4 ma cut so where does that put ending stocks? Corn picked up another 2 ma so will that be offset by yield? Cattle soared on the lower corn. Matt Bennett with Ag Market.Net.
USDA reports had a bullish surprise for soybeans w/around 4 million less acres & lower stocks, but bearish for corn with 94.1 ma. Wheat acreage and stocks slightly lower acreage. John Heinberg, Total Farm Marketing.
Grains higher on corrective bounce, positioning pre-report and assessing storm damage and weather. Live cattle supported by steady cash in the north, hogs work in bearish report numbers. Randy Martinson, Martinson Ag.
The pest is showing up in early-season soybeans. Current numbers don’t necessarily warrant treatment. Because the pests can double in population in only a few days, scouting is the only way to stay on top of them.
The International Grains Council (IGC) cut its 2023-24 global corn crop forecast, reflecting reduced production potential in the U.S. due to drought conditions.