Tridge summary
Grain prices were mixed but mostly lower amid a bearish sentiment, with soybeans incurring the biggest losses. However, spring wheat contracts saw gains. Later in the week, areas east of the Mississippi River are expected to receive measurable moisture, while the Great Lakes region is predicted to experience drier-than-normal conditions between June 1 and June 7. On Wall St., the Dow trended higher as investors digested news that the Federal Reserve may raise interest rates more than expected to combat inflation. Energy futures also moved higher, with crude oil, diesel, and gasoline all seeing increases. Corn and soybean basis bids were steady to firm after rising across Midwestern locations, and ethanol production surpassed 1 million barrels per day for the first time since early April. China is planning to ramp up its purchases of Brazilian corn, which may mean a reduction in U.S. corn imports. Zimbabwe plans to import white corn from neighboring African nations after suffering local grain deficits due to drought.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Grain prices were mixed but mostly lower amid a mostly bearish sentiment on Thursday. Soybeans incurred the biggest losses, at around 0.8%, while corn and winter wheat contracts suffered more modest setbacks. Spring wheat prices bucked the overall trend, picking up modest gains by the close. Later this week, most areas east of the Mississippi River will see at least some measurable moisture between Thursday and Sunday, per the latest 72-hour cumulative precipitation map from NOAA. The Mid-South and Mid Atlantic regions are likely to see the largest totals during this time. Meanwhile, NOAA’s 8-to-14-day outlook predicts drier-than-normal conditions will return to the Great Lakes region between June 1 and June 7, with seasonally cool weather likely in the Northern Plains and upper Midwest. On Wall St., the Dow trended 110 points higher in afternoon trading to 32,039 as investors digested news that the Federal Reserve may raise interest rates more than expected in an attempt to put a ...
Source: Prairie Grain Partners
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