The markets are eagerly awaiting this month’s WASDE report with weather expected to play a big role in that USDA forecast.
Drought conditions have continued to hammer the winter wheat market. This week, the USDA reported about five percent of that crop has been cut so far, but its condition still remains at less than 40 percent good to excellent.
Bar-chart released its initial crop forecasts for the year, cutting back USDA’s corn estimates from the May WASDE report. They’re calling for 15 billion bushels of corn, but an increase of 4.4 billion bushels of soybeans.
The June WASDE report is out at noon Eastern on Friday. We will bring you those numbers hot off the presses on Market Day Report.
