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🌽 USDA Report: Nothing to Get Excited About
The latest USDA report was largely as expected—minimal changes to U.S. stocks and only modest tweaks on demand. South American production was revised higher, keeping global corn supplies comfortable. Overall reaction: underwhelmed 😐
📉 Grain Markets Slip
Soybeans, corn, and wheat all moved lower. Favorable weather 🌦️, weak crude oil 🛢️, and ample supply expectations kept pressure on prices.
🌧️ Weather: Mixed Bag
Rain helped improve drought conditions across parts of the Corn Belt, but dryness worsened in northern Minnesota and remains widespread in the High Plains. Still a split story 🌦️➡️🌵
🛢️ Oil Drops on Peace Hopes
Crude fell over 2% as optimism builds around a potential end to the war, but uncertainty remains. Meanwhile, the prolonged conflict continues to fuel inflation pressures 📉➡️📈
🚢 Export Snapshot
Corn sales improved, soybeans disappointed, and wheat exceeded expectations. Notably, China is still absent from new-crop soybean buying, with a large share of sales sitting in “unknown” destinations 👀
