USDA’s latest World Agricultural Supply and Demand Estimates report, out earlier today, didn’t cause much of a shake-up for grain prices. Soybean prices fell more than 1% despite USDA showing tightening domestic stocks and robust export demand, with traders locking in profits after seeing prices rise to the highest level in nearly a decade earlier this week. Most wheat contracts finished Friday’s session slightly higher, with corn picking up modest gains.
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Kansas City HRW contracts showed the most upside, moving nearly 1% higher. NOAA’s latest 72-hour cumulative precipitation map shows more rain is possible across large areas of the Midwest and Plains between Saturday and Monday, although few places will gather much more than 0.25” during this time. Most of North Dakota could see 0.75” or more over the weekend, however. NOAA’s 8-to-14-day outlook predicts a return to seasonally dry conditions between June 17 and June 23, with much hotter-than-normal weather likely across the eastern two-thirds of the country. On Wall St., the Dow tumbled 740 points lower in afternoon trading to 31,532 on the heels of more bearish inflation data. The May consumer price index report showed that year-over-year inflation has reached the highest level since 1981, at 8.6%. Energy futures trended lower as well. Crude oil dropped 0.75% this afternoon but remains above $120 per barrel. Diesel dropped a similar amount, with gasoline down more than 2%. The ...
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