Grain prices were lower overnight as improving crop conditions pressured prices for a 2nd day. In outside markets, crude oil sank for a 4th straight day after hitting a 7-month high last week.
USDA’s crop condition report released Monday after the close showed an improvement in soybeans as the crop went from 72% to 74% good to excellent on the week. Corn condition was unchanged at 75%. Winter wheat harvest reached 11% complete, and pressure on cash basis was starting to hit in OK & TX.
In other news, on Monday private analyst Informa released US acreage projections ahead of the USDA’s June 30th report. Informa expects a 1-million acre increase in soybean acres and a similar decrease in corn acres as compared to the March 31 estimate by USDA.
U.S. stock markets looked set to extend the prior session’s losses on Tuesday, tracking global equity markets lower amid growing anxiety the U.K. will vote to leave the European Union later this month. Recent polls suggested support for the U.K. campaign to leave the European Union is picking up. Britain's "Out" campaign widened its lead over the "In" camp ahead of the country's June 23 referendum. Meanwhile, the Federal Reserve will begin its two-day meeting starting on Tuesday. While the U.S. central bank is not expected to take action on interest rates, it could provide guidance on its pace of tightening over the next several months.
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