U.S. farmers planted about what the trade had expected, regarding corn and soybean acreage in 2018, according to the USDA.
Investors position their trades ahead of Friday’s USDA June Acreage and Quarterly Grain Stocks Reports.
Investors move on from crop-weather, trade tariffs to USDA data.
The USDA will release its June Acreage Report and Quarterly Grain Stocks Report Friday.
USDA rates the U.S. corn and soybean crops way ahead of their averages.
The USDA released data that shows that corn, soybean, and wheat ratings are registering fairly strong.
Soybean prices were lower in early trading on fears of Chinese retaliation.
Investors say that this report will not be traded for very long, with most caring more about the numbers at the end of the month.
In its report, USDA pegged the U.S. soybean crop as 93% planted vs. a 85% five-year average.
Crop-weather woes in Russia continues to underpin wheat.