Highlights
The first crop condition report is expected Monday from USDA and the anticipation of high crop condition ratings for US corn, beans and spring wheat pressured the market yesterday. Analysts say the weather outlook is nearly ideal into the middle of June.
Yesterday’s USA PCE (personal consumption expenditure) Price Index for April was +0.2%, as expected, and up 2.8% on an annualized basis, just as expected. This report’s core reading is the Fed’s favored inflation measure.
Argentina’s Ag Secretary said the corn harvest is 44% complete vs. 50% average. He said the bean harvest was 86% complete vs. 90% average. The BA Grain Exchange says corn harvest is 30% complete vs. 36% average and left their corn crop production estimate at 46.5 mil. mts (USDA 53) and bean crop unchanged at 50.5 mil. mts (USDA 50).