1. Beans, Grains Drop on Carryover Selling After Bearish WASDE Report
Soybean futures were lower in overnight trading as selling carried over from Friday’s World Agricultural Supply and Demand Estimates (WASDE) Report in which the USDA raised its forecast for yield, production, and stockpiles beyond expectations.
On Monday, the USDA Crop Progress Report showed that crop conditions had declined for corn, soybeans, and spring wheat.
Overall, the forecast looks promising for corn and soybeans moving into the final stretch of the growing season.
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The forecast for July and August shows mainly favorable conditions, although dry pockets and localized flooding may persist.
June is shaping up to be a good month for farmers across the Midwest. Forecasts for the next two weeks show normal to above-normal rainfall for the majority of the Midwest, says Dale Mohler.
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As of this week’s USDA report (with data up to May 13), 65% of Iowa’s corn is planted, just slightly behind the 70% five-year average.
Forecasts for June and July indicate that the eastern half of the Midwest will have normal rainfall while Western states will turn dry.