Key facts
- US corn crop ratings are 67% good/excellent.
- US soybean crop ratings are 66% good/excellent.
- Corn futures dropped 3.5 cents to $4.40'4.
- Soybean futures slid 15.5 cents to $11.65'2.
- Next week's US corn export inspections are projected at 1.90 million metric tons.
- June Census corn exports are estimated at 8.09 million metric tons.
- Soybean export inspections could be 600,000 MT.
- Romania reports strong wheat and barley yields.
- 30% of US pasture and range land was rated good-to-excellent as of May 31.
- US pasture and range ratings increased 1% from the previous week.
US agricultural futures faced selling pressure this week, influenced by potential US tariffs on Brazil, a higher-than-expected jobless report, and favorable crop conditions for corn and soybeans. Geopolitical tensions also contributed to market uncertainty, impacting commodity prices. Corn crop ratings came in at 67% good/excellent, and soybean ratings were at 66%, both falling short of market expectations. Consequently, corn futures dropped 3.5 cents to $4.40'4, and soybean futures slid 15.5 cents to $11.65'2.
Export inspections presented mixed results. Projections for next week's U.S. corn export inspections stand at 1.90 million metric tons, representing a 10% increase from the prior week. June Census corn exports are estimated at 8.09 million metric tons. In contrast, soybean export inspections are anticipated to be 600,000 metric tons, a decrease of 16% from the previous week.
In separate agricultural news, Romania is reporting strong wheat and barley yields as harvest approaches. However, concerns linger regarding potential rain and storms that could affect the timing and quality of the harvest, possibly leading to a shift in output towards feed-grade material. Meanwhile, US pasture and range conditions showed a slight improvement, with 30% of land rated good-to-excellent as of May 31, a 1% increase from the week prior, according to USDA-NASS data.
Looking ahead, the market remains sensitive to geopolitical developments and economic indicators, which are expected to continue influencing agricultural futures. The upcoming harvest in Romania will be closely monitored for its impact on global grain supplies.