USDA's report showed higher than expected supplies for both corn and wheat at 8.605 billion bushels and 1.591 billion bushels, respectively.
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Higher wheat prices are expected in the next few weeks. Meanwhile, soybean and soybean meal rally on talks of new purchases from China.
The U.S. and China reached a trade war truce during the G20 Summit, and this resulted in positive movement in various markets.
The latest crop progress report from the U.S. Department of Agriculture revealed the performance of crops such as corn, wheat and soybean.
With excellent crop conditions, current ideal weather and planting, among others, corn might have already posted its 2018 high.
More soybean and soybean meals were sold last week in anticipation of China’s retaliation against the Trump administration’s trade tariffs.
Despite weather conditions turning good, grains like corn and wheat dropped last week while soybean prices roughly increased.
Sub-freezing temperatures drove the US wheat markets while demand remains strong for oats and corn.