Wheat, corn, soy under pressure after report
Soybean futures declined after the USDA in its monthly World Agricultural Supply and Demand Estimates report estimated domestic soybean stocks at the high end of traders’ expectations and pegged Brazilian soybean production at 155 million tonnes versus the 146.522 million tonnes projected by Brazilian crop agency Conab. Corn futures declined Thursday after the USDA lowered its corn stock estimates to 2.122 billion bus from 2.172 billion bus in March, which would still be a five-year high and projected the Brazilian corn harvest at 124 million tonnes versus Conab’s 110.964-million-tonne forecast. Wheat futures declined after the USDA raised its forecast for June 1, 2024, all-wheat ending stocks by 25 million bus.
May corn subtracted 5½¢ to close at $4.28¾ per bu. Chicago May wheat deleted 6¾¢ to close at $5.51¾ per bu. Kansas City May wheat dropped 11¼¢ and closed at $5.83¼ per bu. Minneapolis May
wheat fell 14¾¢ and closed at $6.37 per bu.
May soybeans were down 5½¢ to close at $11.59¼ per bu. May soybean meal advanced $4.70 to close at $335.60 per ton. May soybean oil fell 1.58¢ to close at 46.02¢ a lb.
Read more: https://www.foodbusinessnews.net/articles/7-wheat-corn-soy-under-pressure-after-report
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